Mercantile Bank Corporation Increases Regular Cash Dividend
January 16 2024 - 5:00AM
Mercantile Bank Corporation (NASDAQ: MBWM) (“Mercantile”) announced
today that on January 11, 2024, its Board of Directors declared a
regular quarterly cash dividend of $0.35 per common share, payable
on March 13, 2024, to holders of record as of March 1,
2024. The $0.35 cash dividend is approximately 3
percent and 6 percent higher than the cash dividends paid during
the fourth quarter and first quarter of 2023, respectively.
“The Board’s declaration of an increased first quarter regular
cash dividend reflects our unwavering commitment to provide
shareholders with competitive returns on their investments,” said
Robert B. Kaminski, Jr., President and Chief Executive Officer of
Mercantile. “Our sustained financial strength throughout 2023 and
the realization of solid operating results in future periods as
anticipated should allow us to continue our regular cash dividend
program while providing ample support for expected loan
growth.”
About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is
the bank holding company for Mercantile Bank. 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 $5.4 billion and operates 43 banking
offices. Mercantile Bank Corporation’s common stock is listed on
the NASDAQ Global Select Market under the symbol “MBWM.” For more
information about Mercantile, visit www.mercbank.com, and follow us
on Facebook, Instagram and Twitter @MercBank and on LinkedIn at
www.linkedin.com/company/merc-bank.
Forward-Looking Statements
This news release contains statements or information that may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,”
“expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,”
and similar references to future periods. Any such statements 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; increasing rates of inflation and
slower growth rates or recession; significant declines in the value
of commercial real estate; market volatility; demand for products
and services; climate impacts; labor markets; the degree of
competition by traditional and nontraditional financial services
companies; changes in banking regulation or actions by bank
regulators; changes in tax laws and other laws and regulations
applicable to us; changes in prices, levies, and assessments; the
impact of technological advances; potential cyber-attacks,
information security breaches and other criminal activities;
litigation liabilities; governmental and regulatory policy changes;
the outcomes of existing or future contingencies; trends in
customer behavior as well as their ability to repay loans; changes
in local real estate values; damage to our reputation resulting
from adverse publicity, regulatory actions, litigation, operational
failures, and the failure to meet client expectations and other
facts; the transition from LIBOR to SOFR; changes in the national
and local economies; unstable political and economic environments;
disease outbreaks, such as the COVID-19 pandemic or similar public
health threats, and measures implemented to combat them; and other
factors, including those expressed as 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. Investors are cautioned
not to place undue reliance on any forward-looking statements
contained herein.
FOR FURTHER INFORMATION:
AT MERCANTILE BANK CORPORATION:
Robert B. Kaminski, Jr.President &
CEO616-726-1502rkaminski@mercbank.com |
Charles ChristmasExecutive Vice President &
CFO616-726-1202cchristmas@mercbank.com |
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