Mercantile Bank hikes dividend by 3.1%

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On January 17, 2023, Mercantile Bank Corporation (trading symbol MBWM) announced a new quarterly dividend of $0.33 per share, up from $0.32 per share previously. MBWM typically hikes the dividend two times every year.

Mercantile Bank Corporation announced today that on January 12, 2023, its Board of Directors declared a regular quarterly cash dividend of $0.33 per common share, payable on March 15, 2023, to holders of record as of March 3, 2023.  The $0.33 cash dividend represents an increase of over 3 percent from the $0.32 regular cash dividend paid during the fourth quarter of 2022.

"The Board's declaration of an increased first quarter regular cash dividend demonstrates our ongoing commitment to build shareholder value through meaningful cash returns," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile.  "Our sustained financial strength during the persistent uncertain and challenging economic environment has allowed us to continue our regular cash dividend program and reward shareholders with competitive dividend yields while providing sufficient support for continued asset growth."

Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan.  The Bank provides commercial banking services primarily to small- to medium-sized businesses and retail banking services.

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