Displaying items tagged: Mercantile Bank Corp
Mercantile Q1 earnings decline amid drop in mortgage banking income
GRAND RAPIDS — Mercantile Bank Corp.’s earnings declined in the first quarter from a year earlier as refinancing for home mortgages decreased and reduced fee income.
Commercial loans propelled strong earnings for Mercantile Bank in 2021
GRAND RAPIDS — Mercantile Bank Corp. recorded strong earnings in 2021 with loan growth that President and CEO Robert Kaminski Jr. called “nothing short of stellar.”
Michigan community banks leverage tens of millions in capital raises
The $20 million in capital that West Shore Bank Corp. raised toward the end of 2021 will go to support further commercial loan growth.
Mercantile Bank expands northern Michigan reach with Petoskey lending office
PETOSKEY — Mercantile Bank Corp. has expanded further in the northern Lower Peninsula with the opening of a lending office in Northern Michigan.
Mercantile Bank records strong Q3 commercial loan growth with new clients
GRAND RAPIDS — Mercantile Bank Corp. recorded strong loan growth in the third quarter with an earnings increase of more than 40 percent from a year earlier.
Mercantile Bank more than doubles quarterly earnings as lending remains strong
GRAND RAPIDS — Mercantile Bank Corp. more than doubled earnings for the second quarter as growth in commercial and residential mortgage lending remained strong.
Commercial real estate lending remains solid as some sectors outperform others
Bank lending for commercial real estate and development held steady through the first quarter as some sectors experienced high demand and others remained somewhat soft as the COVID-19 pandemic surpassed a year.
Mercantile Bank reports ‘extremely strong’ start to 2021
GRAND RAPIDS — Strong income from mortgage lending helped to push Mercantile Bank Corp.’s earnings higher for the first quarter.
Huntington, TCF merger could mean opportunities for competitors
While Huntington Bancshares Inc. and TCF Financial Corp. executives say a planned merger between the two companies will create a Midwest banking powerhouse, some experts view it as an opportunity for competitors to gain both business and talent.
SBA simplifies PPP loan forgiveness process
As clients began reaching out in recent weeks to gather documents and apply for forgiveness of their federal Paycheck Protection Program loans from last year, executives at Level One Bank urged them to wait.
Diversity-focused VC fund garners widespread attention, even before making initial investment
GRAND RAPIDS — The West Michigan venture capital fund that intends to invest in growing, minority-owned businesses has garnered attention from interested parties who want to replicate the model elsewhere in the U.S.
GR-based VC fund targeting minority-owned companies raises $8.5M in first year
GRAND RAPIDS — The venture capital fund formed a year ago in Grand Rapids to invest in minority-owned businesses has netted $8.5 million in commitments from investors and aims to hit $10 million this year.
Mercantile Bank reports higher quarterly earnings despite pandemic uncertainty
GRAND RAPIDS — Mercantile Bank Corp. ended 2020 with higher quarterly earnings despite the ongoing costs and economic turbulence from the COVID-19 pandemic.
UFCU to take commercial lending to ‘next level’ with Edgewater Bank acquisition
ST. JOSEPH — The proposed acquisition of Edgewater Bancorp Inc. would give United Federal Credit Union greater expertise to further grow commercial lending.
MiBiz Growth Report: October 25, 2020
Here is the MiBiz Growth Report for October 25, 2020.
Mercantile Bank selling Hastings office amid shift to fewer branches
HASTINGS — Mercantile Bank Corp. plans to sell a Hastings branch office to Lake Trust Credit Union as part of an ongoing initiative to shrink its office footprint.
Mercantile Bank records lower Q3 earnings amid ‘challenging operating environment’
GRAND RAPIDS — Mercantile Bank Corp. recorded lower third quarter earnings amid what President and CEO Robert Kaminski Jr. called a “challenging operating environment” from the COVID-19 pandemic.
Grand Rapids venture capital fund secures millions for minority-owned companies
A Grand Rapids-based venture capital fund that will invest nationally in companies owned by minorities has secured commitments now totaling $6.25 million, with potentially millions more on the way.
Consumers CU plans further growth in GR, lakeshore markets
The opening of a new branch in Wyoming and construction of another office in Walker are part of a broader regional growth plan for Consumers Credit Union.
New diversity-focused VC fund seeks $5M locally before making national pitch
GRAND RAPIDS — A new venture capital fund to invest in businesses owned by racial and ethnic minorities looks to secure financial backing locally before reaching out nationally for investors.
Bracing for more economic fallout, West Michigan banks boost loan-loss reserves
Given how hard the economy fell in the second quarter, earnings for West Michigan-based banks held up relatively well, although they were primarily lower than a year earlier as banks set aside more in reserve to cover potential future loan losses.
Mercantile Bank beefs up loan-loss reserves to brace for weaker economy
GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings for the second quarter, partly from increasing loan-loss reserves in light of “weakened economic conditions” resulting from the COVID-19 pandemic.
Restrictions in Fed’s Main Street Lending Program could limit appeal
The Federal Reserve Bank’s $600 billion Main Street Lending Program promises to offer small and mid-sized businesses hurt financially by the COVID-19 pandemic with another option to access credit and operating capital.
TRIAL BY FIRE: SBA races to provide relief to small businesses, but some hiccups remain
The sheer volume of small businesses that have sought federal relief loans illustrates the depth and scope of the economic pain brought on by the COVID-19 pandemic.
Mercantile Bank in ‘extremely solid’ position to weather economic turbulence
GRAND RAPIDS — Mercantile Bank Corp. reported lower earnings to start 2020 and sits in an “extremely solid” condition for the economic downturn brought on by the COVID-19 pandemic.
Banks leverage new flexibility to help businesses get through pandemic
Small businesses that have been slammed by the coronavirus pandemic and expect to have difficulty making commercial loan payments should call their bankers now to work out possible adjustments.
Mercantile reports earnings, loan growth
GRAND RAPIDS — Mercantile Bank Corp. grew earnings for the fourth quarter and all of 2019.
Bank execs could face fewer deal prospects in 2020
Bank M&A may ease in 2020, as fewer executives surveyed by the trade publication Bank Director view the market as favorable for deals.
Mercantile Bank cites ‘solid’ loan growth through third quarter
GRAND RAPIDS — Mercantile Bank Corp. maintained solid growth and earnings through the third quarter.
Charter Capital targets $100 million for new mezz fund
GRAND RAPIDS — A new mezzanine fund based in Grand Rapids seeks to raise $100 million to invest in growing companies, MiBiz has learned.