Board declares $0.34 regular quarterly cash dividend on common
stock resulting in a current annual yield of approximately
4.8 percent
GRAND
RAPIDS, Mich., July 18,
2023 /PRNewswire/ -- Mercantile Bank Corporation
(NASDAQ: MBWM) ("Mercantile") announced today that on July 13, 2023, its Board of Directors declared a
regular quarterly cash dividend of $0.34 per common share, payable on September 13, 2023, to holders of record as of
September 1, 2023. The
$0.34 cash dividend represents an
increase of 3.0 percent from the $0.33 regular cash dividend paid during the
second quarter of 2023.
"As evidenced by our Board's declaration of an increased third
quarter regular cash dividend, we remain committed to building
shareholder value through meaningful cash returns," said
Robert B. Kaminski, Jr., President
and Chief Executive Officer of Mercantile. "Our sustained
financial strength during the ongoing uncertain and challenging
economic environment should allow us to continue our regular cash
dividend program and reward shareholders with competitive dividend
yields in future periods while providing sufficient support for
anticipated asset growth."
About Mercantile Bank
Corporation
Based in Grand Rapids,
Michigan, Mercantile Bank Corporation is the bank holding
company for Mercantile Bank. Mercantile provides banking
services to businesses, individuals and governmental units, and
differentiates itself on the basis of service quality and the
expertise of its banking staff. Mercantile has assets of
approximately $5.1 billion and
operates 46 banking offices. 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 Twitter
@MercBank and on LinkedIn at
www.linkedin.com/company/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.
FOR FURTHER INFORMATION:
AT MERCANTILE BANK
CORPORATION:
Robert
B. Kaminski, Jr.
|
Charles
Christmas
|
President &
CEO
|
Executive Vice
President & CFO
|
616-726-1502
|
616-726-1202
|
rkaminski@mercbank.com
|
cchristmas@mercbank.com
|
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SOURCE Mercantile Bank Corporation