Mercantile Bank is an FDIC insured institution headquartered at
310 Leonard St Nw, Grand Rapids, MI 49504.
It was founded in
1997 and has approximately $6 billion in
assets. Customers can open an account at one of its 57 branches.
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Overview 2024
General Bank Information
FDIC Insured
Yes
FDIC Certificate
# 34598
Date Established
1997
Assets
$ 5.55 billion
Loans
$ 4.40 billion
Deposits
$ 4.16 billion
Capital
$ 653.45 million
Summary Balance Sheet as of March 31, 2024
ASSETS
Cash & Balances due from depository institutions
$ 197.63 million
Interest-bearing balances
$ 135.77 million
Total securities
$ 649.40 million
Federal funds sold and reverse repurchase
N.A.
Net loans and leases
$ 4.40 billion
Loan loss allowance
$ 55.41 million
Trading account assets
N.A.
Bank premises and fixed assets
N.A.
Other real estate owned
N.A.
Goodwill and other intangibles
$ 44.22 million
All other assets
$ 139.94 million
Total Assets
$ 4.89 billion
LIABILITIES
Total deposits
$ 4.16 billion
Interest-bearing deposits
$ 3.04 billion
Deposits held in domestic offices
$ 4.16 billion
% insured (estimated)
51.66%
Federal funds purchased and repurchase agreements
$ 221.90 million
Trading liabilities
N.A.
Other borrowed funds
$ 362.26 million
Subordinated debt
N.A.
All other liabilities
$ 33.05 millionn
Total Liabilities
$ 4.89 billion
Shareholders’ Equity
$ 653.45 million
Summary Income Statement as of March 31, 2024
INCOME AND EXPENSES
Total Interest Income
$ 155.60 million
Total Interest Expense
$ 57.40 million
Net interest income
$ 98.20 million
Provision for loan and lease losses
$ 4.22 million
Total non interest income
$ 20.51 million
Total non interest expense
$ 57.15 million
Pre-tax Net Operating Income
$ 34.48 million
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Branches
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