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Additional $15 Million of Subordinated Notes Have Been Raised by Mercantile Bank Corporation

Additional $15 Million of Subordinated Notes Have Been Raised by Mercantile Bank Corporation

GRAND RAPIDS, Mich., Jan. 14, 2022 /PRNewswire/ -- The Company has announced that it has given $15 million in its 3.25% fixed-to-floating rate subordinated notes due in 2032 (the "Notes") in a private placement. The Notes bear a fixed rate of 3.25% for the first five years and will reset quarterly thereafter to the then current three-month SOFR rate plus 212 basis points.

"We are very happy to have the opportunity to increase our capital raising by investing additional funds," said Robert B. Kaminski Jr., president and CEO of Mercantile. "The proceeds will further strengthen our ability to capitalize on our strong commercial loan growth and current loan pipeline, which we believe will remain robust until 2022."

Raymond James & Associates, Inc. served as the sole placement agent for the offering, including Dickinson Wright PLLC, and Dinsmore & Shohl LLP, as the legal counsel to the placement agent.

The Notes are not a deposit, but they are not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

About Mercantile Bank Corporation

Mercantile Bank Corporation is a bank holding company established in Grand Rapids, Michigan, and operates 44 banking offices. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."

Forward-Looking Statements

Forward-looking statements may be made by words such as: "anticipate," "intend," "seek," "believe," "project," "strategy," "likely," "may," "will," and similar references to future periods. Mercantile acknowledges that changes in revenue and business practices may result in bad publicity and other events.

FOR FURTHER INFORMATION:





Robert B. Kaminski, Jr.

Charles Christmas


President & CEO

Executive Vice President & CFO


616-726-1502

616-726-1202


FOR INFORMATION INTERNERAL:

Robert B. Kaminski, Jr.

Charles Christmas is the first person to come to the United States.

President & CEO

Executive Vice President & CFO

616-726-1502

616-726-1202

Paraphrase:

Paraphrase:

FOR MORE INFORMATION:

Robert B. Kaminski, Jr.

Charles Christmas

President & CEO

Vice President & CEO of Executive Vice President

616-726-1502

616-726-1202

SOURCE Mercantile Bank Corporation

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