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Board declares $0.30 regular quarterly cash dividend on common stock resulting in a current annual yield of approximately 4.0 percent
GRAND RAPIDS, Mich., July 20, 2021 /PRNewswire/ -- Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") announced today that on July 15, 2021, its Board of Directors declared a regular quarterly cash dividend of $0.30 per common share, payable on September 15, 2021, to holders of record as of September 3, 2021. The $0.30 cash dividend represents an increase of 3.4 percent from the $0.29 regular cash dividend paid during the second quarter of 2021.
"We are very pleased that our continuing strong operating performance and overall financial strength enabled us to declare an increased regular quarterly cash dividend," said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. "The higher cash dividend exhibits our ongoing commitment to provide shareholders with meaningful cash returns and the Board of Directors' belief that Mercantile will produce solid operating results in future periods. Although many of the challenges presented by the Covid-19 pandemic have subsided and economic conditions have improved, we will continue to closely monitor the pandemic-related environment and modify future cash dividend payments as deemed necessary to ensure our capital levels remain sufficient to meet growth objectives and other capital management plans."
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 $4.7 billion and operates 43 banking offices. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."
This news release contains statements or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Any such statements 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; increasing rates of inflation and slower growth rates; demand for products and services; the degree of competition by traditional and nontraditional financial services companies; changes in banking regulation or actions by bank regulators; 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 existing or future contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the method of determining Libor and the phase-out of Libor; changes in the national and local economies, including the ongoing disruption to financial market and other economic activity caused by the Covid-19 pandemic; and other factors, including those expressed as 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. Investors are cautioned not to place undue reliance on any forward-looking statements contained herein.
FOR FURTHER INFORMATION:
AT MERCANTILE BANK CORPORATION:
Robert B. Kaminski, Jr.
President & CEO
Executive Vice President & CFO
SOURCE Mercantile Bank Corporation