MBWM director sells 3,160 Mercantile Bank shares at $45.85

Mercantile Bank Corp (MBWM) director reported selling common stock in two open-market transactions.

Rhea-AI Filing Summary

Mercantile Bank Corp (MBWM) director reported selling common stock in two open-market transactions. On 11/13/2025, the reporting person sold 3,160 shares of common stock at a price of $45.85 per share and 1,417 shares at $45.81 per share. After these sales, the director beneficially owned 11,898 shares directly, 14,616 shares indirectly through an IRA, and 19,909 shares in a 401(k) plan. The filing notes that the indirect holdings include shares acquired by reinvesting cash dividends under the company’s dividend reinvestment plan.

Insider Trade Summary

Net Seller: 4,577 shares

Net Sell 4 txns

Insider PRICE MICHAEL H

Role Director

Sold 4,577 shs ($210K)

Type	Security	Shares	Price	Value
Sale	Common Stock	3,160	$45.85	$145K
Sale	Common Stock	1,417	$45.81	$65K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 11,898 shares (Direct); Common Stock — 14,616 shares (Indirect, IRA); Common Stock — 19,909 shares (Indirect, In 401(k) plan)

Footnotes (1)

1. F1. Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

FAQ

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

What insider transaction did MBWM report in this Form 4?

The Form 4 reports that a director of Mercantile Bank Corp (MBWM) sold common stock in two transactions on 11/13/2025, both coded as sales.

How many MBWM shares were sold and at what prices?

The director sold 3,160 shares of Mercantile Bank common stock at $45.85 per share and 1,417 shares at $45.81 per share on 11/13/2025.

How many MBWM shares does the insider own after these transactions?

Following the reported sales, the director beneficially owned 13,315 shares directly, 14,616 shares indirectly in an IRA, and 19,909 shares in a 401(k) plan.

What is the insider’s relationship to Mercantile Bank Corp (MBWM)?

The reporting person is identified as a director of Mercantile Bank Corp, with the Form 4 filed by one reporting person.

Are any of the MBWM shares held through retirement or investment plans?

Yes. The director holds 14,616 shares indirectly through an IRA and 19,909 shares in a 401(k) plan, in addition to directly held shares.

How were some of the indirect MBWM shares acquired?

The explanation notes that the indirect holdings include shares acquired by reinvesting cash dividends under Mercantile Bank Corp’s dividend reinvestment plan.

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

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Accepted by SEC EDGAR 11/17/2025 - 04:23 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^*

PRICE MICHAEL H

(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)
11/13/2025

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	11/13/2025		S		3,160	D	$45.85	13,315	D
Common Stock	11/13/2025		S		1,417	D	$45.81	11,898	D
Common Stock								14,616(1)	I	IRA
Common Stock								19,909	I	In 401(k) plan

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.

	/s/ Adin J. Tarr, Attorney- in-Fact	11/17/2025
	** 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.