GRAND RAPIDS, Mich., Oct. 18, 2016 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on October 13, 2016, its Board of Directors declared a regular quarterly cash dividend of $0.17 per common share and a special cash dividend of $0.50 per common share, for a total cash dividend of $0.67 per common share, payable on December 21, 2016 to holders of record as of December 9, 2016. The $0.17 regular quarterly cash dividend results in a current annual yield of 2.5%.
"Our ongoing regular cash dividend program and declaration of the special cash dividend reflect the confidence of our Board of Directors and management team in Mercantile's future," said Michael Price, Chairman, President and Chief Executive Officer of Mercantile. "We are pleased that our robust capital position and earnings performance have allowed us to consistently offer a competitive dividend yield in support of our goal to provide a meaningful return to our shareholders."
About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. 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 $3.1 billion and operates 48 banking offices serving communities in central and western 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.
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SOURCE Mercantile Bank Corporation