Board declares $0.36 regular quarterly cash dividend on common
stock, providing for a current annual yield of
approximately 3.4 percent
GRAND
RAPIDS, Mich., July 16,
2024 /PRNewswire/ -- Mercantile Bank Corporation
(NASDAQ: MBWM) ("Mercantile") announced today that on July 11, 2024, its Board of Directors declared a
regular quarterly cash dividend of $0.36 per common share, payable on September 18, 2024, to holders of record as of
September 6, 2024. The
$0.36 cash dividend represents
increases of nearly 3 percent and 6 percent from the cash dividends
paid during the second quarter of 2024 and third quarter of 2023,
respectively.
"The Board of Directors' declaration of an increased third
quarter cash dividend is a testament to our ongoing commitment to
enhance shareholder value through worthwhile cash returns," said
Ray Reitsma, President and Chief
Executive Officer of Mercantile. "Our financial metrics have
remained strong during the lengthy period of uncertain economic and
operating conditions, which coupled with the realization of solid
financial results in future periods as anticipated, should allow us
to continue to reward shareholders with competitive dividend yields
while maintaining sufficient capital levels to meet asset growth
objectives."
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 $5.6 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, and 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
