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Mercantile Bank Corporation (NASDAQ: MBWM) and Eastern Michigan Financial Corporation (OTCID: EFIN) announced on December 16, 2025 that the Federal Reserve Bank of Chicago has approved their proposed merger.
Under the Merger Agreement (amended October 5, 2025), Eastern will merge into a Mercantile acquisition subsidiary, which will then merge upstream into Mercantile. All required regulatory approvals to complete the merger have been received, subject to Eastern shareholder approval and customary closing conditions. The companies currently expect to complete the merger on December 31, 2025.
Post-close, Mercantile will operate as a two-bank holding company while Eastern Michigan Bank continues alongside Mercantile Bank until planned consolidation in Q1 2027, subject to FDIC and Michigan DIFS approvals. Eastern’s shareholder meeting is set for December 19, 2025 at 12:00 PM local time in Lexington, Michigan.
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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