Profile: Mercantile Bank Corp (MBWM.OQ)
Mercantile Bank Corporation, incorporated on July 15, 1997, is a bank holding company. The Company owns the Mercantile Bank of Michigan (the Bank). The Bank is a state banking company. The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services. The Bank makes secured and unsecured commercial, construction, mortgage and consumer loans, and accepts checking, savings and time deposits. The Bank also enables customers to conduct certain loan and deposit transactions by personal computer and through mobile applications. Courier service is provided to certain commercial customers, and safe deposit facilities are available at its office locations.
The Bank's commercial lending group originates commercial loans and leases primarily in its market areas. Loans are originated for general business purposes, including working capital, accounts receivable financing, machinery and equipment acquisition, and commercial real estate financing, including new construction and land development. The Bank originates single-family residential real estate loans in its market areas, according to secondary market underwriting standards. Single-family residential real estate loans provide borrowers with a fixed or adjustable interest rate with terms up to approximately 30 years and are sold to certain investors. The Bank also has a home equity line of credit program. The Bank originates consumer loans for a range of personal financial needs, including new and used automobiles, boats, credit cards and overdraft protection for its checking account customers. As of December 31, 2016, the Bank's total loans were $2.37 billion.
The principal investments of the Company are the investments in the common stock of its Bank and the common securities of its trusts. Other funds of the Company may be invested from time to time in various debt instruments. The Bank may invest its funds in a range of debt instruments and may participate in the federal funds market with other depository institutions. Its investment portfolio consists of the United States Government agency debt obligations, mortgage-backed securities, municipal general obligations, municipal revenue bonds and other investments. As of December 31, 2016, its total investment securities were $328.06 million.
Sources of Funds
The Bank's primary deposit products are checking, savings and term certificate accounts. The Bank's deposit portfolio includes non-interest-bearing demand accounts, interest-bearing checking accounts, savings deposits and time deposits. Its out-of-area time deposits consist of deposits obtained from depositors outside of its primary market areas. As of December 31, 2016, its total deposits were $2.37 billion.
Mercantile Insurance Center, Inc. (insurance company) is a subsidiary of the Bank, which offers insurance products. Its insurance product offerings include private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business and life insurance products, all of which are provided by and written through companies that have appointed Hub International as their agent. Mercantile Bank Real Estate Co., L.L.C. (the real estate company) is a subsidiary of the Bank, which develops, constructs and owns the Company's facility in downtown Grand Rapids.
Mercantile Bank Corp
310 Leonard St NW
GRAND RAPIDS MI 49504-4224