Mercantile Bank Corp (MBWM) EVP reports stock sale and new awards

Rhea-AI Filing Summary

Mercantile Bank Corp executive Tara M. Randall reported several stock transactions. On 12/19/2025, she disposed of 1,500 shares of common stock at $49.45 per share, leaving 13,848 shares directly owned. On 02/05/2026, she acquired 1,820 shares at $0 under a performance-based restricted stock award that may be forfeited if certain metrics are not met, plus an additional 910 shares at $0. Following these transactions, she directly owns 16,578 common shares, including shares accumulated through dividend reinvestment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Randall Tara M

(Last) (First) (Middle)

C/O MERCANTILE BANK CORPORATION

310 LEONARD ST. NW

(Street)

GRAND RAPIDS MI 49504

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MERCANTILE BANK CORP [ MBWM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Experience Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/19/2025		F		1,500	D	$49.45	13,848(1)	D
Common Stock	02/05/2026		A		1,820(2)	A	$0	15,668	D
Common Stock	02/05/2026		A		910	A	$0	16,578	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

2. This award of shares is being made pursuant to the Issuer's performance-based restricted stock award agreement, such that a portion or all of this award of restricted stock may be forfeited in the future if certain performance metrics are not met.

	/s/ Bradley J. Wyatt, Attorney-in-Fact	02/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did MBWM executive Tara Randall report on this Form 4?

Tara M. Randall reported three transactions in Mercantile Bank Corp common stock: a disposal of 1,500 shares at $49.45 on 12/19/2025, and two acquisitions totaling 2,730 shares at $0 per share on 02/05/2026.

How many MBWM shares does Tara Randall own after these reported trades?

After the reported transactions, Tara M. Randall directly owns 16,578 shares of Mercantile Bank Corp common stock. This total includes shares previously accumulated through the issuer’s dividend reinvestment plan, as noted in the filing’s explanatory footnote.

What is the nature of the performance-based restricted stock award reported by MBWM?

The filing shows an award of 1,820 Mercantile Bank Corp shares under a performance-based restricted stock agreement. Some or all of these restricted shares may be forfeited in the future if specified performance metrics outlined in the agreement are not met.

What does the 1,500-share transaction at $49.45 represent for MBWM’s executive?

On 12/19/2025, Tara M. Randall reported a transaction coded “F” for 1,500 shares at $49.45 per share. Code “F” typically indicates shares withheld or disposed to cover tax obligations related to equity awards, as reflected in many insider reports.

How were dividend reinvestments reflected in Tara Randall’s MBWM holdings?

A footnote explains that her reported holdings include shares acquired by reinvesting cash dividends under Mercantile Bank Corp’s dividend reinvestment plan. These additional shares are incorporated into the post-transaction ownership totals shown in the Form 4 table.

Is Tara Randall a director or major shareholder of MBWM according to this filing?

According to the filing, Tara M. Randall is reported as an officer of Mercantile Bank Corp with the title EVP & Chief Experience Officer, and she is not listed as a director or a ten percent owner in this Form 4.