GRAND RAPIDS, Mich., Jan. 19, 2021 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on January 14, 2021, its Board of Directors declared a regular quarterly cash dividend of $0.29 per common share, payable on March 17, 2021, to holders of record as of March 5, 2021. The $0.29 cash dividend represents an increase of approximately 4 percent from the $0.28 regular cash dividend paid during the fourth quarter of 2020.
"We are very pleased that our ongoing strong financial position enabled us to continue our cash dividend program," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "Although we faced various challenges stemming from the COVID-19 pandemic, some of which still persist, we were able to reward shareholders with competitive dividend yields throughout 2020 and into 2021 as a result of our sustained financial strength. While we remain committed to providing our shareholders with a meaningful cash return, future dividend payments will be evaluated and adjusted as necessary to ensure our capital levels remain sufficient to meet capital management initiatives."
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 $4.4 billion and operates 44 banking offices. 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 may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such comments 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; our participation in the Paycheck Protection Program administered by the Small Business Administration; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities; 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, including the significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; 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.
FOR FURTHER INFORMATION:
AT MERCANTILE BANK CORPORATION:
Robert B. Kaminski, Jr.
President & CEO
Executive Vice President & CFO
SOURCE Mercantile Bank of Michigan