Mercantile Bank Corporation Declares Regular Cash Dividend

Rhea-AI Summary

Mercantile Bank Corporation (NASDAQ: MBWM) announced a quarterly cash dividend of $0.28 per common share, payable on September 16, 2020. This decision reflects the bank's ongoing financial strength amid challenging circumstances, particularly due to the COVID-19 pandemic. Shareholders of record as of September 4, 2020 will receive the dividend. The bank emphasizes its commitment to capital management and will monitor future dividend payments to maintain adequate capital levels.

Positive

• Quarterly cash dividend of $0.28 signifies financial stability.
• Dividend payment reflects confidence in ongoing financial strength.

Negative

• Potential future impacts of COVID-19 may affect dividend sustainability.

GRAND RAPIDS, Mich., July 21, 2020 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on July 16, 2020, its Board of Directors declared a regular quarterly cash dividend of $0.28 per common share, payable on September 16, 2020, to holders of record as of September 4, 2020.

"We are pleased that our ongoing financial strength during the challenging environment enabled us to continue our cash dividend program," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "We continue to prudently monitor the effects and potential future impacts of the COVID-19 pandemic on our financial condition and will evaluate future cash dividend payments as necessary to maintain capital levels that are sufficient to meet our capital management initiatives."

About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan.  Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff.  Mercantile has assets of approximately $4.3 billion and operates 40 banking offices.  Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."

Forward-Looking Statements
This news release contains comments or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Any such comments are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including the significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION:

AT MERCANTILE BANK CORPORATION:

Robert B. Kaminski, Jr.	Charles Christmas
President & CEO	Executive Vice President & CFO
616-726-1502	616-726-1202
rkaminski@mercbank.com	cchristmas@mercbank.com

 

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SOURCE Mercantile Bank Corporation

FAQ

What is the dividend amount declared by MBWM?

Mercantile Bank Corporation declared a dividend of $0.28 per common share.

When will the dividend be paid for MBWM?

The dividend will be paid on September 16, 2020, to shareholders of record as of September 4, 2020.

How often does MBWM declare dividends?

Mercantile Bank Corporation typically declares dividends on a quarterly basis.

What factors could impact future dividends for MBWM?

Future dividends may be impacted by the ongoing effects of the COVID-19 pandemic and capital management initiatives.