Mercantile Bank Corporation and Eastern Michigan Financial Corporation Announce Receipt of All Required Regulatory Approvals for Pending Merger

Core Viewpoint - The Federal Reserve Bank of Chicago has approved the merger between Mercantile Bank Corporation and Eastern Michigan Financial Corporation, marking a significant step towards the completion of the merger process [1][3]. Group 1: Merger Details - Mercantile and Eastern have entered into a Merger Agreement, where Eastern will merge into Shamrock Merger Sub LLC, a subsidiary of Mercantile, which will then merge into Mercantile itself [2]. - Following the merger, Mercantile will temporarily operate as a two-bank holding company, with plans to consolidate Eastern Michigan Bank into Mercantile Bank by the first quarter of 2027, pending regulatory approvals [2]. - The merger is expected to be completed on December 31, 2025, subject to Eastern shareholder approval and customary closing conditions [3]. Group 2: Leadership Comments - Ray Reitsma, President and CEO of Mercantile, expressed satisfaction with receiving all necessary regulatory approvals and emphasized the merger's potential to create value for shareholders, customers, and communities [4]. - Willam Oldford, President and CEO of Eastern, shared enthusiasm for the merger and highlighted the opportunity to enhance products and services for customers [4]. Group 3: Company Profiles - Mercantile Bank Corporation, based in Grand Rapids, Michigan, has approximately $6.3 billion in assets and is one of the largest Michigan-based banks, providing a range of financial products and services [5]. - Eastern Michigan Financial Corporation, based in Croswell, Michigan, operates 12 branches and has $505 million in assets, holding the 1 deposit market share among community banks in its primary market [6].