Mercantile Bank Corporation Declares Regular Cash Dividend

Rhea-AI Summary

On April 15, 2021, Mercantile Bank Corporation (NASDAQ: MBWM) declared a quarterly cash dividend of $0.29 per common share, payable on June 16, 2021, to shareholders of record as of June 4, 2021. CEO Robert B. Kaminski, Jr. highlighted the bank's financial strength amid the COVID-19 pandemic, allowing for continued dividend payments and strong returns for shareholders. Mercantile, based in Grand Rapids, Michigan, has assets of approximately $4.7 billion and operates 44 offices, focusing on service quality in banking.

Positive

• Quarterly cash dividend of $0.29 enhances shareholder returns.
• Strong financial position allows continued dividend payments.

Negative

• None.

GRAND RAPIDS, Mich., April 20, 2021 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on April 15, 2021, its Board of Directors declared a regular quarterly cash dividend of $0.29 per common share, payable on June 16, 2021, to holders of record as of June 4, 2021.

"The declaration of the second quarter cash dividend reflects our ongoing commitment to building shareholder value through meaningful cash returns," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "Our position of financial strength at the onset of the COVID-19 pandemic and subsequent strong operating performance have allowed us to continue our cash dividend program and reward shareholders with competitive dividend yields.  We continue to monitor the potential impacts of the pandemic and may adjust future dividend payments as deemed necessary to ensure capital levels remain adequate to meet growth objectives and other 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 $4.7 billion and operates 44 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 statements or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods.  Any such statements 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; our participation in the Paycheck Protection Program administered by the Small Business Administration; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities; 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 and continuance of the COVID-19 pandemic; 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

 

View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-declares-regular-cash-dividend-301271913.html

SOURCE Mercantile Bank Corporation

FAQ

What is the dividend amount declared by MBWM?

Mercantile Bank Corporation declared a dividend of $0.29 per common share.

When is the dividend from MBWM payable?

The dividend is payable on June 16, 2021.

What is the record date for the MBWM dividend?

The record date for the dividend is June 4, 2021.

How has MBWM responded to the COVID-19 pandemic?

MBWM has maintained strong financial performance and continued its dividend program during the pandemic.

Is the dividend from MBWM sustainable?

While the company indicates it will monitor future impacts, the current financial strength supports the dividend.