MBWM Director Buys 1,500 Shares at $46.71 — Form 4 Disclosure

David B. Ramaker, a director of Mercantile Bank Corporation (MBWM), reported an open-market purchase of company common stock on 08/18/2025.

Rhea-AI Filing Summary

David B. Ramaker, a director of Mercantile Bank Corporation (MBWM), reported an open-market purchase of company common stock on 08/18/2025. The Form 4 shows a purchase code "P" for 1,500 shares at a weighted average price of $46.71 per share, bringing his beneficial ownership to 15,014 shares. The footnote states the shares were acquired in multiple transactions at prices ranging from $46.63 to $46.715 and that the reporting person will provide detailed price breakdowns on request. The filing was signed by attorney-in-fact Adin J. Tarr on 08/19/2025.

Insights

Securities Analyst

TL;DR Insider purchase of 1,500 shares reported; modest single-day buy with disclosed weighted-average pricing.

This Form 4 documents a direct purchase by a company director, which is a straightforward disclosure of beneficial ownership change under Section 16. The filing provides precise share counts and a weighted-average price, plus a footnote clarifying the transaction price range and the reporter's willingness to supply per-trade details. There are no option exercises, dispositions, or derivative transactions disclosed.

Corporate Governance Expert

TL;DR Director-level acquisition reported and properly disclosed with signature via attorney-in-fact.

The submission follows required protocols: it identifies the reporting person as a director, indicates a single-person filing, and includes an explanatory footnote on pricing. The form is signed by an attorney-in-fact, with date provided. The disclosure does not include amendments, plans, or other governance changes; it solely reports a non-derivative purchase increasing direct beneficial ownership to 15,014 shares.

Insider Trade Summary

Net Buyer: 1,500 shares

Net Buy 1 txn

Insider RAMAKER DAVID B

Role Director

Bought 1,500 shs ($70K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1,500	$46.71	$70K

Holdings After Transaction: Common Stock — 15,014 shares (Direct)

Footnotes (1)

1. F1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $46.63 to $46.715, 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transaction did MBWM director David B. Ramaker report on Form 4?

The Form 4 reports a purchase of 1,500 shares of Mercantile Bank Corporation common stock on 08/18/2025.

At what price were the MBWM shares purchased according to the Form 4?

The reported weighted average price is $46.71 per share, with individual trade prices ranging from $46.63 to $46.715.

How many MBWM shares does David B. Ramaker beneficially own after the transaction?

Following the reported transaction, the Form 4 shows beneficial ownership of 15,014 shares.

Who signed the Form 4 for David B. Ramaker and when?

The Form 4 was signed by Adin J. Tarr, Attorney-in-Fact on 08/19/2025.

Does the Form 4 report any derivative transactions or dispositions by the reporting person?

No. The filing lists only a non-derivative purchase (common stock); no derivative securities or dispositions are reported.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/19/2025 - 05:52 PM Learn about SEC filing dates

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^*

RAMAKER DAVID B

(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)
08/18/2025

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	08/18/2025		P		1,500	A	$46.71(1)	15,014	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 $46.63 to $46.715, 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.

	/s/ Adin J. Tarr, Attorney- in-Fact	08/19/2025
	** 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.