Press Release

Mercantile Bank Corporation Declares Regular Cash Dividend

Board declares $0.28 regular quarterly cash dividend on common stock resulting in a current annual yield of approximately 5.1 percent

Company Release - 4/21/2020 6:00 AM ET

GRAND RAPIDS, Mich., April 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on April 16, 2020, its Board of Directors declared a regular quarterly cash dividend of $0.28 per common share, payable on June 17, 2020, to holders of record as of June 5, 2020.

"We are pleased that our sustained financial strength allowed us to once again reward shareholders with a competitive dividend yield," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "We are carefully monitoring the potential impacts of the COVID-19 pandemic.  As always, we remain committed to providing our shareholders with a meaningful cash return, and will seek to do so within the context of good capital management.  Should circumstances warrant, we may elect to adjust future dividends to preserve capital for lending and other purposes."

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 may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any such comments 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, including the significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; 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:

AT MERCANTILE BANK CORPORATION:

            Robert B. Kaminski, Jr.  

Charles Christmas

            President & CEO      

Executive Vice President & CFO

            616-726-1502    

616-726-1202

            rkaminski@mercbank.com    

cchristmas@mercbank.com

 

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SOURCE Mercantile Bank Corporation