Mercantile Bank Corporation Declares Cash Dividend of $1.00 Per Share

Board of Directors declares $0.25 regular quarterly cash dividend and $0.75 special cash dividend on common stock

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Oct 16, 2018, 06:00 ET

GRAND RAPIDS, Mich., Oct. 16, 2018 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on October 11, 2018, its Board of Directors declared a regular quarterly cash dividend of $0.25 per common share and a special cash dividend of $0.75 per common share, for a total cash dividend of $1.00 per common share, payable on December 19, 2018 to holders of record as of December 7, 2018. The $0.25 regular cash dividend, which results in a current annual yield of about 3.1 percent, represents an increase of approximately 4 percent from the $0.24 regular cash dividend paid during the third quarter of 2018.

"We are very pleased that our strong capital position and operating performance allowed us to declare an increased regular quarterly cash dividend and a special cash dividend, signifying our continuing commitment to provide a meaningful cash return to our shareholders," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Our sustained financial strength has put us in a position to meet growth goals and support an ongoing cash dividend program, and the cash dividends announced today express the confidence of our Board of Directors and executive 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. 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 $3.3 billion and operates 47 banking offices. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."

Forward-Looking Statements
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