GRAND RAPIDS, Mich.,
Jan. 21, 2020 /PRNewswire/
-- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile")
announced today that on January 16,
2020, its Board of Directors declared a regular quarterly
cash dividend of $0.28 per common
share, payable on March 18, 2020, to
holders of record as of March 6,
2020. The $0.28 cash dividend
represents an increase of approximately 4 percent from the
$0.27 regular cash dividend paid
during the fourth quarter of 2019.
"We are very pleased that our strong financial condition allowed
us to grow the regular quarterly cash dividend," said Robert B. Kaminski, Jr., President and Chief
Executive Officer of Mercantile. "The higher cash dividend
reflects our ongoing pledge to provide shareholders with a
meaningful cash return and the shared confidence of our Board of
Directors and executive management team that Mercantile will
produce sound operating results in 2020 and beyond. Our
desire is to maintain a cash dividend payout between 35 percent and
40 percent of net income in future periods."
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 $3.6 billion and operates 40 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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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