MBWM director granted 715 Mercantile Bank shares

MERCANTILE BANK CORP director Nelson F. Sanchez reported changes in his common stock holdings.

Rhea-AI Filing Summary

MERCANTILE BANK CORP director Nelson F. Sanchez reported changes in his common stock holdings. On 2026-05-22, he received a grant or award of 715 shares of common stock at $0.00 per share, increasing his direct ownership to 3,899 shares.

The filing also reports 3,502 shares held indirectly through an IRA, reflecting shares acquired since the last ownership report by reinvesting cash dividends under the company’s dividend reinvestment plan. These entries show both compensation-related shares and ongoing accumulation through reinvested dividends.

Insider Trade Summary

Grant/Award: 715 shares

Grant/Award 2 txns

Insider Sanchez Nelson F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	715	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 3,899 shares (Direct); Common Stock — 3,502 shares (Indirect, IRA)

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.

Key Figures

Share grant: 715 shares Grant price: $0.00 per share Direct holdings after grant: 3,899 shares +1 more

4 metrics

Share grant 715 shares Grant, award, or other acquisition on 2026-05-22

Grant price $0.00 per share Price for 715-share award on 2026-05-22

Direct holdings after grant 3,899 shares Common stock held directly after 715-share award

Indirect IRA holdings 3,502 shares Common stock held indirectly through IRA, including DRIP

Key Terms

Grant, award, or other acquisition, dividend reinvestment plan, IRA

3 terms

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

dividend reinvestment plan financial

"reinvesting cash dividends under the Issuer's dividend reinvestment plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

IRA financial

"direct_or_indirect: I, nature_of_ownership: IRA"

An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.

FAQ

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

What insider transaction did Nelson F. Sanchez report for MBWM?

Director Nelson F. Sanchez reported receiving a grant or award of 715 shares of MERCANTILE BANK CORP common stock. The shares were acquired at no stated cash price, reflecting equity-based compensation rather than an open-market purchase.

How many MBWM shares does Nelson F. Sanchez now hold directly?

After the reported grant, Nelson F. Sanchez directly holds 3,899 shares of MERCANTILE BANK CORP common stock. This figure represents his post-transaction direct ownership as shown in the filing’s non-derivative holdings table.

What indirect MBWM holdings does Nelson F. Sanchez report?

The filing shows 3,502 MERCANTILE BANK CORP shares held indirectly in an IRA for Nelson F. Sanchez. A footnote explains these include shares acquired by reinvesting cash dividends under the company’s dividend reinvestment plan since his last ownership report.

Was the MBWM insider transaction a market purchase or a grant?

The reported MBWM insider transaction for 715 shares is characterized as a grant, award, or other acquisition. The price per share is listed as $0.00, indicating compensation-related stock rather than an open-market purchase on an exchange.

Does the Form 4 show any MBWM share sales by Nelson F. Sanchez?

The Form 4 does not report any sales of MERCANTILE BANK CORP shares by Nelson F. Sanchez. It only shows an equity grant of 715 shares and updated indirect holdings through an IRA, including dividend reinvestment plan acquisitions.

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

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Accepted by SEC EDGAR 05/27/2026 - 04:21 PM EDT 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^*

Sanchez Nelson F

(Last) (First) (Middle)

C/O MERCANTILE BANK CORPORATION

310 LEONARD ST.

(Street)

GRAND RAPIDS MICHIGAN 49504

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

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

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

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

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	05/22/2026		A		715	A	$0	3,899(1)	D
Common Stock								3,502	I	IRA

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	05/27/2026
	** 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.
* Form 4: SEC 1474 (03-26)