MERCANTILE BANK PARTNERS IN STATEWIDE INVESTMENT TO ADVANCE AFFORDABLE HOUSING INITIATIVES

Rhea-AI Summary

Mercantile Bank (MBWM) has partnered with the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) through their Community Multiplier program, facilitating over $200,000 in grant funding to six nonprofit organizations across Michigan. The initiative focuses on affordable housing projects, with Mercantile Bank providing a 10% matching funds commitment.

The selected nonprofits include ICCF Community Homes, Safe Haven Ministries, Kalamazoo Neighborhood Housing Services, Capital Area Housing Partnership, Community Housing Network, and Northwest Michigan Action Agency. These organizations will receive grants ranging from $25,000 to $125,000 to support various housing initiatives, including homebuyer education, supportive services, and transitional and permanent housing solutions.

Positive

• Partnership with FHLBank Indianapolis provides over $200,000 in grant funding for affordable housing initiatives
• Strategic expansion across five regions in Michigan through six nonprofit partnerships
• Diverse range of housing support services including education and transitional housing
• 10% matching funds commitment demonstrates direct financial investment in community development

Negative

• None.

Over $200,000 provided to nonprofits through Federal Home Loan Bank of Indianapolis Community Multiplier Program

GRAND RAPIDS, Mich., May 1, 2025 /PRNewswire/ -- Mercantile Bank is proud to announce its participation in the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) Community Multiplier program, resulting in over $200,000 in grant funding awarded to six nonprofit organizations across the state supporting affordable housing projects.

This partnership reflects the Bank's deep and ongoing commitment to the communities it serves. By working hand-in-hand with nonprofits and FHLBank Indianapolis, Mercantile Bank is helping expand access to affordable housing for individuals and families throughout Michigan. "At Mercantile Bank, we believe that accessible housing is fundamental to thriving communities," said Ray Reitsma, President and CEO of Mercantile Bank. "We're proud to support these projects that will create real, lasting impact for people across the state. Our partnership with FHLBank Indianapolis underscores our commitment to meeting local needs with local solutions."

The grants will support various initiatives, from homebuyer education and supportive services to transitional and permanent housing, tailored to meet the diverse needs of communities across five regions. Nonprofit partners include:

• ICCF Community Homes - Grand Rapids
• Safe Haven Ministries - Grand Rapids
• Kalamazoo Neighborhood Housing Services- Kalamazoo
• Capital Area Housing Partnership - Lansing
• Community Housing Network – Troy/Macomb
• Northwest Michigan Action Agency – Cadillac/Traverse City/Petoskey

Each nonprofit partner was selected for its dedication to expanding housing access and improving quality of life in its area.

"Our work with these nonprofits goes beyond funding," said Sonali Allen, SVP, Community Development Officer at Mercantile Bank. "We're building partnerships with these nonprofits that include financial education and support services to help individuals and families not only find housing but enhance the tools they need to maintain long-term stability and independence."

The Community Multiplier program enables member banks to amplify the reach of their community investments, leveraging the power of collaboration to maximize local impact. With a 10% matching funds commitment from Mercantile Bank, FHLBank Indianapolis provides grants between $25,000 and $125,000 for targeted affordable housing initiatives. "We're proud to partner with Mercantile in providing needed capital to housing-focused nonprofit organizations across Michigan," said MaryBeth Wott, SVP Community Investment and Strategic Planning Officer. "Together, we're working to provide flexible support that meets housing needs at the community level."

As a community bank, Mercantile Bank remains committed to delivering solutions that support housing equity, financial empowerment, and stronger communities across the state.

About Mercantile Bank 
Mercantile Bank is a wholly owned subsidiary of Mercantile Bank Corporation. Mercantile provides financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, knowledgeable staff, and a commitment to the communities it serves, Mercantile is one of the largest Michigan-based banks with assets of approximately $6.1 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."  For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, X (formerly Twitter) @MercBank, and LinkedIn @merc-bank.

Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities.
FHLBank Indianapolis is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members' customers. FHLBanks are privately capitalized and funded and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions, and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn and X (formerly known as Twitter) at @FHLBankIndy.

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SOURCE Mercantile Bank

FAQ

How much grant funding did Mercantile Bank (MBWM) secure through the FHLBank Indianapolis Community Multiplier program?

Mercantile Bank secured over $200,000 in grant funding through the FHLBank Indianapolis Community Multiplier program.

Which nonprofit organizations are receiving funding from Mercantile Bank's affordable housing initiative?

Six nonprofits are receiving funding: ICCF Community Homes, Safe Haven Ministries, Kalamazoo Neighborhood Housing Services, Capital Area Housing Partnership, Community Housing Network, and Northwest Michigan Action Agency.

What is the grant range available through MBWM's Community Multiplier program?

The grants range between $25,000 and $125,000 for targeted affordable housing initiatives.

What is Mercantile Bank's matching commitment in the Community Multiplier program?

Mercantile Bank provides a 10% matching funds commitment to the program.

What types of housing initiatives does the MBWM grant program support?

The program supports homebuyer education, supportive services, transitional housing, and permanent housing solutions.