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Mercantile Bank Corporation (NASDAQ: MBWM) has announced a definitive merger agreement with Eastern Michigan Financial Corporation (OTCID: EFIN) in a cash and stock transaction valued at $95.8 million. The combined entity will have total assets of $6.7 billion, loans of $4.9 billion, and deposits of $5.2 billion.
The merger strengthens Mercantile's position as Michigan's largest bank and adds 12 Eastern branches to Mercantile's 45-location network. EFIN brings significant value with its exceptional deposit franchise (42 bps cost of deposits) and substantial liquidity (46% loan-to-deposit ratio). The transaction is expected to be 11% accretive to Mercantile's earnings per share post-cost savings implementation.
The deal terms include 0.7116 Mercantile shares plus $32.32 in cash for each EFIN share. The merger is expected to close in Q4 2025, subject to regulatory and shareholder approvals.
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