Mercantile Bank Corporation Declares $0.09 Quarterly Cash Dividend on Common Stock Reinstates dividend at 2.1% current annual yield
GRAND RAPIDS, Mich., Oct. 16, 2012 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on October 11, 2012 its Board of Directors declared a regular quarterly cash dividend of $0.09 per common share, payable December 10, 2012 to holders of record as of November 9, 2012.
The dividend follows the repurchase of the preferred stock and warrant that were sold to the U.S. Department of the Treasury, which were enabled by the continued strength of Mercantile's operating performance and capital position. This is the first dividend paid since a reduced dividend of $0.01 per share was paid in the first quarter of 2010.
"This dividend represents another milestone for Mercantile and is a reflection of many key successes over the past couple of years," said Michael Price, Chairman and CEO of Mercantile Bank Corporation. "We are pleased with our enhanced capital position and improved profitability that have provided us the opportunity to reinstate meaningful returns to our shareholders in the form of cash dividends. The resumption of our dividend program illustrates the confidence shared by our Board and management team in Mercantile's future."
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."
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. 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; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including 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.
SOURCE Mercantile Bank Corporation