( BW)(NY-MERCANTILE-BANK)(MBWM) Mercantile Bank Corporation's Chairman
Gerald R. Johnson Jr. and Senior Vice President, Charles E. Christmas
talk to The Wall Street Transcript
Business Editors
NEW YORK--(BUSINESS WIRE)--June 24, 2002--The Wall Street
Transcript has published an in-depth interview with Gerald R. Johnson
Jr., Chairman and CEO, and Charles E. Christmas, Senior Vice President
and CFO, of Mercantile Bank Corporation (Nasdaq:MBWM), in which they
talk at length about the company's future.
The entire 2,700-word interview is available free online at
http://www.twst.com/ceos.htm.
Johnson gives an overview of the company, "We opened for business
on December 15, 1997. We are primarily a business bank, with
approximately 95% of our portfolio comprised of loans to small- to
medium-sized businesses. Our typical commercial loan relationship is
from $.5 million to $5 million, and includes a real estate mortgage on
the company's facility, an equipment loan and a working capital line
of credit. Although we do have a full range of retail products, the
emphasis is on the business side."
Christmas explains, "Our net loan charge-offs during the first
quarter of 2002 totaled only $29,000, or less than one basis point as
a percent of average total loans. While that may seem very low, that
is about average for us. Since inception in December of 1997, our net
loan charge-offs total only $485,000, or about 0.03 percent of average
total loans. That is an extremely low level and significantly below
the banking industry average."
Looking forward, Johnson states, "We are a growth company -- one
that has been increasingly profitable since inception. I look at our
management group; our earnings momentum and asset growth -- growth
which has not mitigated our high level of asset quality; our focus on
the business community; our ability to empower employees to offer a
level of service surpassing that of the competition. These are the
factors that account for the great success we have enjoyed over the
past 4 1/2 years."
This interview is part of a 115-page Central & Western Regional
Banks Issue available at http://www.twst.com/info/info552.htm or by
calling 212/952-7433.
The Wall Street Transcript does not endorse the views of any
interviewees nor does it make stock recommendations. For subscription
information call 800/246-7673.
--30--kc/sf*
CONTACT: Mercantile Bank Corporation
Charles Christmas, 616/406-3777
http://www.mercbank.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING
SOURCE: Mercantile Bank Corporation
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