8-K
MERCANTILE BANK CORP (MBWM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 26, 2020
____________________
Mercantile Bank Corporation
(Exact name of registrant as specified in its charter)
| Michigan | 000-26719 | 38-3360865 |
|---|---|---|
| (State or other jurisdiction<br><br> <br>of incorporation) | (Commission File<br><br> <br>Number) | (IRS Employer<br><br> <br>Identification Number) |
| 310 Leonard Street NW, Grand Rapids, Michigan | 49504 | |
| (Address of principal executive offices) | (Zip Code) | |
| Registrant's telephone number, including area code | 616-406-3000 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | MBWM | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8 .01 Other Events.
On October 26, 2020, Mercantile Bank of Michigan (the “Bank”) issued a press release announcing that Lake Trust Credit Union has agreed to purchase the Bank’s Hastings Branch located at 1500 W M 43 Hwy, Hastings, Michigan. The sale will include the 4,300 square-foot branch footprint and all associated assets, including approximately $16 million in deposits. The transaction is expected to close in early 2021, subject to regulatory approvals and customary closing conditions. The total purchase price for the transaction is expected to be approximately $11.8 million, which will be finalized at closing based upon cash on hand, outstanding balance and accrued interest on transferred loans, a deposit premium of 5.25% of transferred deposits and a fixed cash payment of $1.5 million for real and personal property.
A copy of the press release is attached as Exhibit 99.1 to this report and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description |
|---|---|
| 99.1 | Press release of Mercantile Bank of Michigan dated October 26, 2020. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Mercantile Bank Corporation | |
|---|---|
| By: | /s/ Charles E. Christmas |
| Charles E. Christmas<br><br> <br>Executive Vice President, Chief<br><br> <br>Financial Officer and Treasurer |
Date: October 26, 2020
ex_208445.htm
Exhibit 99.1
| FOR IMMEDIATE RELEASE | Mercantile Bank of Michigan |
|---|---|
| CONTACT: Kim Eberhardt | Contact: Dave Miller |
| 248 . 258 . 2333 | 989.466.7343 |
| keberhardt@identitypr.com | dmiller@mercbank.com |
Lake Trust Credit Union to Purchase Hastings Branch of Mercantile Bank of Michigan
Deal expected to close in early 2021
HASTINGS, Mich., Oct. 26, 2020 — Lake Trust Credit Union (“Lake Trust”), a community-based credit union serving nearly 200,000 individuals and businesses throughout Michigan, announced an intent to purchase the Hastings, Mich. branch of Mercantile Bank of Michigan (“Mercantile Bank”) located at 1500 W M 43 Hwy. The agreement includes the 4,300 square-foot branch footprint and all associated assets including approximately $16 million in deposits.
The deal is expected to close in early 2021. Lake Trust currently operates a branch location in Hastings at 209 N. Church Rd. Lake Trust will transition Hastings operations to the new M 43 Hwy. location following renovations with a timeline to be determined.
Grand Rapids-based Mercantile Bank is Michigan’s third-largest bank and operates 39 branches throughout Michigan, with assets totaling approximately $4.4 billion.
“Lake Trust has a long history of serving the Hastings community. As we consistently work to enhance our member experience, the purchase of Mercantile Bank’s Hastings branch will offer expanded convenience and accessibility for Lake Trust members in the area.” Lake Trust CEO David Snodgrass said. “For current Mercantile Bank customers, we look forward to introducing them to Lake Trust and helping them reach their financial goals.”
Guided by its mission to be an engine of member and community wellbeing, Lake Trust is a full-service financial institution with more than $2.2 billion in assets and 30,000 fee-free ATMs across its shared network. Lake Trust provides insurance, college and retirement planning along with an innovative suite of digital banking solutions for both consumer and business members. From online and mobile banking to digital wallet services, Lake Trust’s virtual banking services are designed to facilitate ease and safety now and in the future.
With customers throughout Michigan, Mercantile Bank continues to refine its branch network based on customer trends, ensuring it meets the needs of customers today and in the future. “Our customers are using alternative banking options more and relying less on physical branch locations for their banking and lending needs, thanks to our high-touch service model and robust online, mobile and card banking platforms. As we reviewed our existing branch network and our presence in the Hastings market, we felt it was in the best interest of our Hastings branch customers that we find a partner that was established in the Hastings community and aligned with our mission and values,” said Raymond Reitsma, President, Mercantile Bank of Michigan. “We will continue to communicate with our customers in the coming months to ensure a clear and seamless transition process as Lake Trust assumes branch operations in Hastings.”
In connection with this transaction, ProBank Austin is serving as financial advisor and Dickinson Wright PLLC is serving as legal counsel to Mercantile Bank. Honigman LLP is serving as legal counsel to Lake Trust.
About Lake Trust Credit Union ****
Lake Trust Credit Union is focused on being an engine of member and community wellbeing. The credit union currently serves nearly 200,000 members who live, work, worship, attend school or operate businesses in Michigan. With branches in more than 20 cities, towns and villages throughout the state, the credit union’s strength is enhanced by the strength of the greater community. Lake Trust works to advocate and inspire community engagement. To learn more, visit Lake Trust at www.laketrust.org.
About Mercantile Bank
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, the expertise of its banking staff and its robust technology. Mercantile has assets of approximately $4.4 billion and operates 39 banking offices. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."