GRAND RAPIDS, Mich.,
Oct. 15, 2019 /PRNewswire/ -- Mercantile Bank Corporation
(NASDAQ: MBWM) ("Mercantile") announced today that on October 10, 2019, its Board of Directors declared
a regular quarterly cash dividend of $0.27 per common share, payable on December 18, 2019, to holders of record as of
December 6, 2019.
"We are pleased that our ongoing financial strength has
positioned us to meet growth objectives and allowed us to once
again declare a cash dividend that will provide shareholders with a
competitive dividend yield," said Robert B.
Kaminski, Jr., President and Chief Executive Officer of
Mercantile. "The sustained cash dividend program depicts our
demonstrated strong financial performance and the Board of
Directors and executive management team's confidence that the
robust operating results will persist in future periods. We
anticipate that our future cash dividend payout ratio will be in
the range of 35 percent to 40 percent."
About Mercantile Bank Corporation
Based in
Grand Rapids, Michigan, Mercantile
Bank Corporation is the bank holding company for Mercantile Bank of
Michigan. Mercantile provides
banking services to businesses, individuals and governmental units,
and differentiates itself on the basis of service quality and the
expertise of its banking staff. Mercantile has assets of
approximately $3.7 billion and
operates 46 banking offices. Mercantile Bank Corporation's common
stock is listed on the NASDAQ Global Select Market under the symbol
"MBWM."
Forward-Looking Statements
This news release contains
comments or information that constitute forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act
of 1995) that are based on current expectations that involve a
number of risks and uncertainties. Actual results may differ
materially from the results expressed in forward-looking
statements. Factors that might cause such a difference include
changes in interest rates and interest rate relationships; demand
for products and services; the degree of competition by traditional
and nontraditional competitors; changes in banking regulation or
actions by bank regulators; changes in tax laws; changes in prices,
levies, and assessments; the impact of technological advances;
governmental and regulatory policy changes; the outcomes of
contingencies; trends in customer behavior as well as their ability
to repay loans; changes in local real estate values; changes in the
national and local economies; and other factors, including risk
factors, disclosed from time to time in filings made by Mercantile
with the Securities and Exchange Commission. Mercantile undertakes
no obligation to update or clarify forward-looking statements,
whether as a result of new information, future events or
otherwise.
FOR FURTHER
INFORMATION:
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|
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AT MERCANTILE BANK
CORPORATION:
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Robert B.
Kaminski, Jr.
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Charles
Christmas
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President
& CEO
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Executive Vice
President & CFO
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616-726-1502
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616-726-1202
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rkaminski@mercbank.com
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cchristmas@mercbank.com
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SOURCE Mercantile Bank Corporation