MBWM insider purchase: Director adds 1,000 shares at $43.5

Rhea-AI Filing Summary

Mercantile Bank Corp (MBWM) reported an insider transaction by a director. On 10/31/2025, the director purchased 1,000 shares of common stock at $43.5, recorded as indirect ownership through an IRA.

Following the transaction, reported holdings were 3,502 shares indirect (IRA) and 3,084 shares direct. The filing was submitted by one reporting person.

Insider Trade Summary

Net Buyer: 1,000 shares ($43,500)

Net Buy 2 txns

Insider Sanchez Nelson F

Role Director

Bought 1,000 shs ($44K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1,000	$43.50	$44K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 3,502 shares (Indirect, IRA); Common Stock — 3,084 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/04/2025 - 04:38 PM Learn about SEC filing dates

FAQ

What insider transaction was reported for MBWM?

A director purchased 1,000 shares of common stock at $43.5 on 10/31/2025.

How many MBWM shares does the insider hold after the trade?

Reported holdings were 3,502 shares indirect (IRA) and 3,084 shares direct after the transaction.

Was the MBWM trade made under a Rule 10b5-1 plan?

The form includes a checkbox for 10b5-1 plans; the excerpt does not show it as checked.

What is the insider’s relationship to MBWM?

The reporting person is a Director.

What was the price paid for the MBWM shares?

The purchase price was $43.5 per share.

How was ownership categorized for the purchased shares?

The newly purchased shares were reported as Indirect (I) through an IRA.

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 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)
10/31/2025

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	10/31/2025		P		1,000	A	$43.5	3,502	I	IRA
Common Stock								3,084	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	11/04/2025
	** 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.