[SCHEDULE 13G/A] Mercantile Bank Corp SEC Filing

Rhea-AI Filing Summary

The Vanguard Group filed Amendment 17 to Schedule 13G reporting a 3,729,740-share position in LivePerson (LPSN) as of 30 Jun 2025. The holding equals 3.97 % of outstanding common stock, dropping the firm below the 5 % reporting threshold, so Item 5 ("ownership of 5 % or less") is checked.

Vanguard discloses no voting power over the shares but retains sole dispositive power over 3,704,135 shares and shared dispositive power over 25,605 shares. The stake is held "in the ordinary course of business" with no intent to influence control. Economic interest resides with Vanguard-managed funds and accounts; no single client owns more than 5 %. Signature by Ashley Grim, Head of Global Fund Administration, is dated 29 Jul 2025.

Positive

• Institutional support remains: Vanguard still owns roughly 3.7 million LPSN shares, keeping it a top passive holder.
• Passive classification (Rule 13d-1(b)) suggests no activist pressure or control contest, reducing governance uncertainty.

Negative

• Stake falls below 5 %, indicating Vanguard has reduced its exposure to LivePerson.
• No voting power held by Vanguard may limit shareholder advocacy in favour of other investors.

Insights

Securities Analyst

TL;DR – Vanguard trimmed LPSN stake below 5 %, signalling slight institutional pull-back.

Vanguard’s reduction to 3.97 % means one of LivePerson’s largest passive holders is less exposed. While the firm remains a top shareholder, the filing indicates net selling since the previous amendment (not provided here). Zero voting power underscores a purely passive stance, limiting prospects for governance influence or activist support. For valuation, the move is modestly negative: it removes a threshold-crossing buyer and could add marginal supply if further redemptions occur. Impact is limited by the position’s small absolute size versus LPSN’s float.

Corporate Governance Specialist

TL;DR – Passive holding, no control ambitions; governance impact neutral.

Because Vanguard asserts no intention to influence control and holds zero voting rights, the amendment carries little governance consequence. The firm retains dispositive power only to manage client portfolios. Crossing below 5 % reduces mandatory disclosure frequency, but Vanguard’s transparency via frequent 13G/A filings mitigates opacity risk. Overall, this is a routine portfolio adjustment rather than a strategic signal.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Mercantile Bank Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

587376104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 587376104

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 9,813.00
7	Sole Dispositive Power 1,014,094.00
8	Shared Dispositive Power 25,265.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,039,359.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.40 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Mercantile Bank Corp
(b)	Address of issuer's principal executive offices: 310 Leonard Street Northwest, Grand Rapids, MI, 49504
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 587376104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1039359
(b)	Percent of class: 6.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 9813
	(iii) Sole power to dispose or to direct the disposition of: 1014094
	(iv) Shared power to dispose or to direct the disposition of: 25265
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	07/29/2025

FAQ

How many LivePerson (LPSN) shares does Vanguard currently own?

The filing lists 3,729,740 shares beneficially owned as of 30 Jun 2025.

What percentage of LivePerson’s outstanding stock does this represent?

Vanguard’s position equals 3.97 % of the common shares.

Did Vanguard cross a reporting threshold?

Yes. Item 5 is checked, confirming Vanguard now owns 5 % or less of LPSN, down from previous periods.

Does Vanguard have voting rights over the shares?

No. The filing reports 0 shares with sole or shared voting power; Vanguard is strictly passive.

Why was this Schedule 13G/A filed?

Rule 13d requires amendments when ownership changes. Vanguard updated its holdings as of 30 Jun 2025 to reflect its reduced stake.