GRAND RAPIDS, Mich.,
May 9, 2014 /PRNewswire/
-- Mercantile Bank Corporation (NASDAQ: MBWM)
("Mercantile") announced today that, pursuant to final regulatory
approval of its merger with Firstbank Corporation (NASDAQ: FBMI)
("Firstbank"), on May 9, 2014 its
Board of Directors declared a special cash dividend of $2.00 per common share, payable May 29, 2014 to holders of record as of
May 22, 2014. In accordance with the
plan of merger, this special dividend is being paid to Mercantile
shareholders prior to the effective date of the merger and prior to
the issuance of Mercantile shares in exchange for Firstbank
shares.
"After many months of diligent effort, we are pleased to receive
regulatory approval for this merger and declare this special
dividend, as promised to Mercantile shareholders," said
Michael Price, Chairman and CEO of
Mercantile. "This announcement positions both our companies to
close this merger and complete the integration process in a timely
manner."
About Mercantile Bank Corporation
Based in
Grand Rapids, Michigan, Mercantile
Bank Corporation is the bank holding company for Mercantile Bank of
Michigan. Founded in 1997 to
provide banking services to businesses, individuals and
governmental units, the Bank differentiates itself on the basis of
service quality and the expertise of its banking staff. Mercantile
has seven full-service banking offices in Grand Rapids, Holland and Lansing,
Michigan. 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 constitute forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act
of 1995) that are based on current expectations that involve a
number of risks and uncertainties. These forward-looking statements
include, but are not limited to, statements about the expected
benefits of the transaction between Mercantile and Firstbank.
Other statements identified by words such as "positioned" are
intended to identify forward-looking statements. These statements
are based upon the current beliefs and expectations of Mercantile's
and Firstbank's management and are inherently subject to
significant uncertainties, many of which are beyond their
respective control. Although Mercantile and Firstbank have signed
an agreement, there is no assurance that they will complete the
proposed merger. The merger agreement will terminate if any
conditions to closing are not satisfied. The adoption of a dividend
policy does not commit Mercantile to declare future dividends. Each
future dividend will be considered and declared by the Board of
Directors at its discretion.
SOURCE Mercantile Bank Corporation