GRAND RAPIDS, Mich., June 25, 2012 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") today announced it has been added to the Russell 3000® Index and Russell 2000® Index when Russell Investments ("Russell") reconstituted its comprehensive set of U.S. and global equity indexes on June 22, 2012.
"We are pleased to be added to the Russell 2000, which marks yet another milestone to a list of significant achievements for the Company in the past 18 months and reflects our continued positive momentum and efforts to increase shareholder value," commented Michael Price, Chairman and CEO of Mercantile Bank Corporation. "We expect our inclusion will raise our profile and generate greater interest in our stock at an institutional investor level."
Mercantile reported 192 percent growth in pre-tax earnings in the first quarter of 2012 compared to the prior-year first quarter. In addition, the Company reported continued improvement in asset quality and achieved a record net interest margin in the first quarter of 2012. Mercantile also recently announced it has exited the TARP program after it repurchased the remaining 50 percent of the $21 million in non-voting preferred stock issued to the U.S. Department of the Treasury.
Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies. In the institutional marketplace, an industry-leading $3.9 trillion in assets currently are benchmarked to them. The Company will hold its membership until Russell reconstitutes its indexes in June 2013.
The annual reconstitution of the Russell 3000 captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 and the next 2,000 companies become the Russell 2000. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007.
Russell is a global asset manager and one of only a few firms that offers actively managed, multi-asset portfolios and services that include advice, investments and implementation. Working with institutional investors, financial advisors and individuals, Russell's core capabilities extend across capital markets insights, manager research, Indexes, portfolio implementation and portfolio construction.
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