Mercantile Bank (MBWM) Insider Purchase: 20 Shares Added

Rhea-AI Filing Summary

Form 4 filed for Mercantile Bank Corp. (MBWM) discloses that director David B. Ramaker acquired 20 common shares on 17 Jul 2025. The transaction is coded “A” (acquisition) with a reported price of $0.00, suggesting a non-cash event such as dividend reinvestment or board compensation stock grant. Following the purchase, Ramaker’s direct ownership rises to 13,514 shares. No derivative securities were reported. The filing involves a de minimis change and does not indicate any broader strategic shift or material impact on the company.

Insights

Financial Analyst

TL;DR: Minor insider purchase; negligible impact on valuation.

The director’s acquisition of 20 shares (<0.1% of his holdings) is immaterial relative to MBWM’s float and market cap. While insider buying can be a confidence signal, the zero-dollar price and tiny size point to automatic issuance (e.g., dividend reinvestment plan) rather than discretionary buying. I classify this event as routine and not financially meaningful for investors.

Corporate Governance Specialist

TL;DR: Routine equity accrual under board compensation.

The filing keeps MBWM compliant with Section 16 reporting. No red flags appear: ownership disclosure is transparent, signatures are in order, and no derivative positions are hidden. Because the shares were issued at $0, it likely reflects restricted stock vesting or fee-in-stock elections—standard practice aligning director interests with shareholders, but not a market-moving event.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider RAMAKER DAVID B

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	20	$0.00	--

Holdings After Transaction: Common Stock — 13,514 shares (Direct)

Footnotes (1)

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).

1. Name and Address of Reporting Person^*

RAMAKER DAVID B

(Last) (First) (Middle)

C/O MERCANTILE BANK CORPORATION

310 LEONARD STREET 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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	07/17/2025		A		20	A	$0	13,514	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:

	/s/ Adin J. Tarr, Attorney-in-Fact	07/21/2025
	** 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.

FAQ

How many MBWM shares did Director David B. Ramaker acquire?

He acquired 20 additional common shares on 17 Jul 2025.

What is David B. Ramaker’s total direct ownership after the transaction?

His direct holdings increased to 13,514 common shares.

Was cash exchanged for the shares reported on this Form 4?

The filing lists a $0.00 price, indicating a non-cash issuance such as dividend reinvestment or stock grant.

Does the Form 4 include any derivative securities transactions?

No, Table II shows no derivative securities acquired or disposed.

Is this insider transaction likely to impact MBWM’s stock price?

Given the small size of 20 shares, the transaction is considered immaterial and unlikely to affect trading dynamics.