Board declares $0.36 regular quarterly cash dividend on common
stock, providing for a current annual yield of approximately
3.5 percent
GRAND RAPIDS,
Mich., Oct. 15, 2024 /PRNewswire/ -- Mercantile
Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that
on October 10, 2024, its Board of
Directors declared a regular quarterly cash dividend of
$0.36 per common share, payable on
December 18, 2024, to holders of
record as of December 6, 2024. The
$0.36 cash dividend represents an
increase of nearly 6 percent from the cash dividend paid during the
fourth quarter of 2023.
"Our demonstrated strength in financial metrics
during the protracted period of economic uncertainty and associated
challenging operating conditions allowed us to continue our regular
cash dividend program," said Ray
Reitsma, President and Chief Executive Officer of
Mercantile. "We remain committed to building shareholder value
through meaningful cash returns and believe that our current
financial standing, coupled with the attainment of solid operating
results in future periods as expected, should enable us to continue
to reward shareholders with competitive dividend yields while
providing ample capital support for projected asset growth."
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, a knowledgeable staff,
and a commitment to the communities it serves, Mercantile is one of
the largest Michigan-based banks
with assets of approximately $5.9
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.
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;
increasing rates of inflation and slower growth rates or recession;
significant declines in the value of commercial real estate; market
volatility; demand for products and services; climate impacts;
labor markets; the degree of competition by traditional and
nontraditional financial services companies; changes in banking
regulation or actions by bank regulators; changes in tax laws and
other laws and regulations applicable to us; 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 existing or future
contingencies; trends in customer behavior as well as their ability
to repay loans; changes in local real estate values; damage to our
reputation resulting from adverse publicity, regulatory actions,
litigation, operational failures, and the failure to meet client
expectations and other facts; the transition from LIBOR to
SOFR; changes in the national and local economies; unstable
political and economic environments; disease outbreaks, such as the
COVID-19 pandemic or similar public health threats, and measures
implemented to combat them; and other factors, including those
expressed as 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. Investors are cautioned not to place
undue reliance on any forward-looking statements contained
herein.
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SOURCE Mercantile Bank Corporation
