GRAND RAPIDS, Mich.,
May 8, 2014 /PRNewswire/ --
Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") and
Firstbank Corporation (NASDAQ: FBMI) ("Firstbank") announced today
that all regulatory approvals for their proposed merger, announced
on August 15, 2013, have been
received. Mercantile and Firstbank shareholders previously approved
the merger in December 2013. Subject
to the satisfaction of customary closing conditions, the merger is
expected to be completed as of June 1,
2014. The combined companies will operate as Mercantile Bank
Corporation.
"We are pleased that, after an extensive and meticulous
regulatory review, we have obtained approval to complete this
transformational merger with Firstbank Corporation," said
Michael Price, Mercantile President,
Chairman and Chief Executive Officer. "This merger creates a
powerhouse Michigan-based
community bank holding company that is well positioned for future
growth opportunities. This approval validates our history of
community involvement and outstanding performance under the
Community Reinvestment Act, and follows a thorough analysis of our
lending practices."
Tom Sullivan, Firstbank President
and Chief Executive Officer, said, "With these regulatory hurdles
behind us, we are thrilled to move forward with bringing the
benefits of this merger to both Firstbank and Mercantile
shareholders, customers and communities."
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 assets of
$1.4 billion and seven full-service
banking offices in Grand Rapids,
Holland and Lansing, Michigan.
About Firstbank Corporation
Firstbank
Corporation, headquartered in Alma,
Michigan, is a bank holding company using a community bank
local decision-making format with assets of $1.5 billion and 46 banking offices serving
Michigan's Lower Peninsula.
Forward-Looking Statements
This press 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 are subject to a number of factors and uncertainties
which could cause Mercantile, Firstbank, or the combined company's
actual results and experience to differ from the anticipated
results and expectations expressed in such forward looking
statements. Forward looking statements speak only as of the date
they are made and neither Mercantile nor Firstbank assumes any duty
to update forward looking statements. These forward-looking
statements include, but are not limited to, statements about (i)
the expected benefits of the transaction between Mercantile and
Firstbank, including future financial and operating results,
accretion and earn-back, cost savings, enhanced revenues, long term
growth, and the expected market position of the combined company
that may be realized from the transaction, and (ii) Mercantile's
and Firstbank's plans, objectives, expectations and intentions and
other statements contained in this press release that are not
historical facts. Other statements identified by words such as
"expects," "well-positioned," "opportunity," "future," "will," or
words of similar meaning generally 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 business,
economic and competitive risks and uncertainties, many of which are
beyond their respective control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change.
Actual results may differ materially from those indicated or
implied in the forward-looking statements. 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. There is no assurance that the due diligence process
would identify all risks associated with the transaction.
Additional information concerning risks is contained in
Mercantile's and Firstbank's most recently filed Annual Reports on
Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent
Current Reports on Form 8-K and other SEC filings.
SOURCE Mercantile Bank Corporation; Firstbank Corporation