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Mercantile Bank (MBWM) Insider Adds 200 Shares in July 2025 Filing

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Mercantile Bank Corp (MBWM) filed a Form 4 on 30 Jul 2025 reporting that Director Shoran R. Williams executed an open-market transaction on 29 Jul 2025. Williams acquired 200 common shares (Transaction Code "P") at a weighted-average price of $47.285, within a $47.27-$47.30 range, for an estimated outlay of roughly $9.5 thousand.

After the trade, Williams directly owns 5,266 shares. The total reflects incremental shares accumulated through the issuer’s dividend-reinvestment plan since the previous report. No derivative securities were reported, and there were no additional insider participants. Although the 200-share purchase increases Williams’ direct stake by about 4%, it represents a de-minimis fraction of MBWM’s outstanding shares and is unlikely to move the valuation needle. A wording inconsistency exists: the footnote describes the shares as “sold,” yet the transaction is coded as a purchase, which may warrant clarification.

Positive

  • None.

Negative

  • None.

Insights

TL;DR: Minor 200-share insider purchase; positive signal but too small for valuation impact—overall neutral.

The filing shows a $9.5 k open-market buy by Director Shoran R. Williams, lifting direct ownership to 5,266 shares. Insider buys are generally viewed favorably as they align management with shareholders; however, this trade equals less than 0.01 % of MBWM’s float and lacks follow-through from other insiders. The absence of derivative activity or 10b5-1 plan suggests a discretionary purchase, but the small size limits its significance. The contradictory language in the footnote ("sold" vs. purchase code) is a minor red flag but likely a drafting error rather than a substantive issue. Overall, the event is informationally neutral for investors.

Insider Williams Shoran R
Role Director
Bought 200 shs ($9K)
Type Security Shares Price Value
Purchase Common Stock 200 $47.285 $9K
Holdings After Transaction: Common Stock — 5,266 shares (Direct)
Footnotes (1)
  1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $47.27 to $47.30, inclusive. The Reporting Person undertakes to provide Mercantile Bank Corporation, any security holder of Mercantile Bank Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4. Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.
Form 4 Insider Transactions: What Each Field Means →
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
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
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*
Williams Shoran R
(Last) (First) (Middle)
C/O MERCANTILE BANK CORPORATION
310 LEONARD ST.
(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)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025
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 07/29/2025 P 200 A $47.285(1) 5,266(2) 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. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $47.27 to $47.30, inclusive. The Reporting Person undertakes to provide Mercantile Bank Corporation, any security holder of Mercantile Bank Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.
2. Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.
/s/ Adin J. Tarr, Attorney-in-Fact 07/30/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did the MBWM Form 4 filed on 30 Jul 2025 disclose?

It reported Director Shoran R. Williams’ open-market acquisition of 200 MBWM common shares on 29 Jul 2025.

How many Mercantile Bank Corp shares did Shoran R. Williams buy?

Williams purchased 200 common shares.

At what price were the MBWM shares transacted?

The weighted-average price was $47.285, with individual trades between $47.27 and $47.30.

What is Williams’ total MBWM ownership after the transaction?

He now directly owns 5,266 shares.

Were any derivative securities reported in this Form 4?

No, no derivative securities were listed in Table II.

Does the filing reference a Rule 10b5-1 trading plan?

The form allows a checkbox for 10b5-1 trades, but it was not marked in this filing.