Mercantile Bank Corporation Implements Management Succession Plan

Rhea-AI Summary

Mercantile Bank (NASDAQ: MBWM) has implemented a new management succession plan as of June 1, 2024. Robert B. Kaminski, Jr. has retired from his roles as President and CEO of both Mercantile and Mercantile Bank but will remain a Director. Raymond E. Reitsma has been promoted to President and CEO of Mercantile and will continue his role as President and Director of Mercantile Bank. Scott P. Setlock has been appointed as EVP, COO, and Secretary of Mercantile, retaining his roles as EVP and COO of Mercantile Bank. Both Reitsma and Setlock have extensive histories with the bank, enhancing their leadership capabilities and ensuring a smooth transition.

Positive

• Raymond E. Reitsma has extensive experience with the company, which could ensure stability and continuity.
• Scott P. Setlock's appointment as EVP, COO, and Secretary consolidates leadership with experienced personnel.
• The succession plan appears well-structured, with clear roles and responsibilities.

Negative

• The retirement of Robert B. Kaminski, Jr. could lead to uncertainties despite his remaining as a Director.
• Leadership changes can sometimes result in strategic shifts that may not align with previous objectives.

GRAND RAPIDS, Mich., June 3, 2024 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) implemented the following resignations and appointments, in furtherance of its previously announced management succession plan, effective as of June 1, 2024:

Robert B. Kaminski, Jr. has retired as President and Chief Executive Officer ("CEO") of Mercantile and as CEO of Mercantile's wholly owned subsidiary, Mercantile Bank (the "Bank"). Mr. Kaminski remains a Director of both Mercantile and the Bank.

Raymond E. Reitsma has resigned as Executive Vice President ("EVP") and Chief Operating Officer ("COO") of Mercantile and has been appointed as President and CEO of Mercantile and CEO of the Bank. Mr. Reitsma will continue to serve as President of the Bank and Director of both Mercantile and the Bank. Mr. Reitsma has been with the Bank for 20 years, beginning in 2003 as a Commercial Loan Manager. In 2015, Mr. Reitsma was appointed as the Bank's West Region President and became President of the Bank on January 1, 2017. Mr. Reitsma was appointed EVP of Mercantile in 2018 and served as COO of Mercantile during 2022 and 2023. Mr. Reitsma has also served as a Director of Mercantile since 2023 and as a Director of the Bank since 2016. Mr. Reitsma's areas of responsibility have included commercial lending, treasury/cash management, mortgage lending, operations, risk management, retail/branches, and credit administration. Mr. Reitsma was also very instrumental in the preparation, transition, and integration periods surrounding the merger with Firstbank Corporation.

Scott P. Setlock has been appointed as EVP, COO, and Secretary of Mercantile and as Secretary of the Bank. Mr. Setlock remains EVP and COO of the Bank. Mr. Setlock was appointed to the role of EVP, COO, and Secretary of Mercantile effective January 1, 2024, and has served as EVP and COO of the Bank since January 1, 2022. In his 20-year tenure with the Bank, Mr. Setlock has held roles within commercial credit, commercial credit management, commercial lending, and mortgage lending management.

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank. Mercantile provides financial products and services in a professional and personalized manner designed to make banking easier for businesses, individuals, and governmental units. Distinguished by exceptional service, knowledgeable staff, and a commitment to the communities it serves, Mercantile is one of the largest Michigan-based banks with assets of approximately $5.5 billion. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM." For more information about Mercantile, visit www.mercbank.com, and follow us on Facebook, Instagram, X (formerly Twitter) @MercBank and LinkedIn @merc-bank.

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SOURCE Mercantile Bank Corporation

FAQ

What changes were announced in Mercantile Bank 's management on June 1, 2024?

Robert B. Kaminski, Jr. retired as President and CEO, Raymond E. Reitsma was promoted to President and CEO, and Scott P. Setlock was appointed EVP, COO, and Secretary.

Who is the new CEO of Mercantile Bank as of June 1, 2024?

Raymond E. Reitsma is the new CEO of Mercantile Bank

What roles will Robert B. Kaminski, Jr. continue to hold after his retirement?

Robert B. Kaminski, Jr. will remain a Director of both Mercantile and Mercantile Bank.

What positions does Scott P. Setlock hold at Mercantile Bank ?

Scott P. Setlock is EVP, COO, and Secretary of Mercantile Bank and EVP and COO of Mercantile Bank.

How long has Raymond E. Reitsma been with Mercantile Bank?

Raymond E. Reitsma has been with Mercantile Bank since 2003.