Mercantile Bank (MBWM) Tops Q2 EPS by 4c; CEO Price to Retire
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Mercantile Bank Corporation Announces Retirement of President and CEO Michael Price and Planned Succession of Robert Kaminski
July 19, 2016 6:02 AM EDTGRAND RAPIDS, Mich., July 19, 2016 /PRNewswire/ -- The Board of Directors of Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that Chairman, President and Chief Executive Officer ("CEO") Michael H. Price has provided his intention to retire from the President and CEO positions of Mercantile effective January 1, 2017. Price will remain Chairman and an executive officer until the annual shareholders' meeting scheduled for May 2018, at which time he will remain on the Board of Directors but conclude his employment. In conjunction with Price's retirement, Robert B. Kaminski Jr. will be appointed President and CEO effective January 1, 2017. Kaminski... More
Mercantile Bank Corporation Reports Strong Second Quarter 2016 Results
July 19, 2016 6:01 AM EDTGRAND RAPIDS, Mich., July 19, 2016 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") reported net income of $7.4 million, or $0.46 per diluted share, for the second quarter of 2016, compared with net income of $6.6 million, or $0.39 per diluted share, for the respective prior-year period. Net income during the first six months of 2016 totaled $16.0 million, or $0.98 per diluted share, compared to $13.2 million, or $0.78 per diluted share, during the first six months of 2015.
The second quarter was highlighted by:
Strong earnings performance and capital position... MoreMercantile Bank Corporation Increases Cash Dividend
July 19, 2016 6:00 AM EDTGRAND RAPIDS, Mich., July 19, 2016 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on July 14, 2016, its Board of Directors declared a regular quarterly cash dividend of $0.17 per common share, payable September 21, 2016 to holders of record as of September 9, 2016. The $0.17 cash dividend represents an increase of approximately 6 percent from the $0.16 cash dividend paid during the first and second quarters of 2016.
"We are pleased that our sound financial condition has afforded us the ability to declare an increased third quarter cash dividend, reflecting our ongoing commitment to provide a meaningful return to shareholders," said Michael... More
