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Mercantile Bank Corporation Declares Regular Cash Dividend

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On October 15, 2020, Mercantile Bank Corporation (NASDAQ: MBWM) declared a quarterly cash dividend of $0.28 per share, scheduled for payment on December 16, 2020. Shareholders of record as of December 4, 2020 will receive this dividend. Despite challenges from the COVID-19 pandemic, the bank's financial position remains robust. President Robert B. Kaminski, Jr. emphasized a commitment to evaluating future cash dividends to maintain adequate capital levels.

Positive
  • Declared a cash dividend of $0.28 per share, signaling confidence in financial stability.
  • Strong financial condition maintained throughout 2020 despite pandemic challenges.
Negative
  • None.

GRAND RAPIDS, Mich., Oct. 20, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on October 15, 2020, its Board of Directors declared a regular quarterly cash dividend of $0.28 per common share, payable on December 16, 2020, to holders of record as of December 4, 2020.

"We are very pleased that we were able to carry on our cash dividend program as we continue to navigate through the challenges posed by the COVID-19 pandemic," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "Our financial condition has remained strong throughout 2020, and we will continue to carefully assess potential risks stemming from the pandemic and implement strategic initiatives as deemed necessary, including evaluating future cash dividend payments to ensure our capital levels remain at desired levels."

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 $4.4 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 

Cision View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-declares-regular-cash-dividend-301155207.html

SOURCE Mercantile Bank Corporation

FAQ

What is the dividend amount declared by Mercantile Bank Corporation (MBWM)?

Mercantile Bank Corporation declared a quarterly cash dividend of $0.28 per share.

When will the dividend be paid to shareholders of MBWM?

The dividend will be paid on December 16, 2020.

What is the record date for the MBWM dividend?

The record date for the dividend is December 4, 2020.

How has the COVID-19 pandemic affected Mercantile Bank Corporation's financial condition?

Mercantile Bank Corporation has maintained a strong financial condition throughout 2020 despite the challenges posed by the pandemic.

What is Mercantile Bank Corporation's strategy regarding future dividends?

The bank will carefully assess potential risks and evaluate future cash dividend payments to ensure capital levels remain adequate.

Mercantile Bank Corp

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