Mercantile Bank (MBWM)
Runs Michigan-focused community banks with commercial lending, deposits, mortgages, and treasury services.
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Operates Mercantile Bank and Eastern Michigan Bank, earning mainly from collateral-backed commercial and residential lending, deposits, treasury services, payments, mortgages, and related banking fees. Its footprint is concentrated in Michigan, with current execution shaped by Eastern integration, commercial real estate exposure, funding, regulation, cybersecurity, and rates.
Built as a Grand Rapids community-bank holding company, the business owns Mercantile Bank and Eastern Michigan Bank. The banks serve Michigan customers through checking, savings, and term deposits; commercial, residential mortgage, and installment loans; treasury management; cards; merchant services; mortgage banking; payroll; and related banking services.
The model is concentrated in Michigan and centered on collateral-backed lending, with commercial loans tied to borrower operating cash flow. Income is mainly interest-driven, with fee streams from mortgages, deposit services, cards, payroll processing, and swaps.
Execution depends on local relationship banking, internally developed leadership, and integrating acquired Michigan banks without losing deposits, customers, employees, or service continuity. Current structure remains two bank segments until the planned Eastern Michigan Bank consolidation and core-system conversion.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | Raymond James | Initiate | Rating: —Target: $57 | Target: $65 |
| Jul 22, 2026 | Piper Sandler | Reiterate | Rating: —Target: $60 | Target: $65 |
| Jul 22, 2026 | Hovde Group | Downgrade | Target: — | Target: $62 |
| Jun 26, 2026 | Piper Sandler | Reiterate | Rating: —Target: $57 | Target: $60 |
| Jan 21, 2026 | Piper Sandler | Target | Target: $55.50 | Target: $57 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.20B · Total debt $687.7M · Total assets $6.82B · Shareholders' equity $755.1M
- Revenue
- $98.2M
- Operating income
- $31.2M
- Net income
- $25.9M
HistoryDividendAnnual yield
| Institutions | 70.48% | 12.18M shares | |
|---|---|---|---|
| 207 holders · as of Jun 30, 2026 | |||
| Insiders | 11.46% | 1.98M shares | |
| 21 holders · as of May 27, 2026 | |||
| Other | 18.06% | 3.12M shares | |
| remainder | |||
17.29M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.88% | 1.53M | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 6.29% | 1.09M | as of Jun 30, 2026 |
Dimensional Fund Advisors LPInstitution | 6.06% | 1.05M | as of Jun 30, 2026 |
PagesInsider | 4.79% | 827,375 | filed Apr 27, 2020 |
Vanguard Capital Management LLCInstitution | 4.26% | 735,613 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 13, 2025 | Michael H. Price | director | −4,577 | $45.84 |
| Oct 31, 2025 | Nelson F. Sanchez | director | +1,000 | $43.50 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Mercantile Bank | $59.00 | −0.21% | $1.02B | 10.4 | 10.7 | 2.7 | +12.9% |
| Huntington Bancshares | $15.58 | −0.70% | $31.70B | 11.7 | 9.4 | 2.2 | +47.4% |
| Fifth Third | $52.53 | −0.45% | $47.82B | 18.0 | 12.1 | 3.2 | +45.2% |
| Independent Bank | $35.56 | −0.17% | $734.0M | 10.4 | 9.5 | 2.3 | +17.0% |
| ChoiceOne Financial Services | $32.68 | −0.59% | $491.4M | 9.1 | 8.9 | 2.7 | −4.1% |
| Old National Bancorp | $25.04 | +0.05% | $9.58B | 11.0 | 9.2 | 2.4 | +12.3% |
| First Merchants | $40.43 | −0.54% | $2.55B | 13.0 | 9.6 | 2.3 | +23.2% |
| Wintrust Financial | $145.33 | +0.44% | $9.76B | 11.5 | 11.0 | 2.2 | +10.1% |
| Horizon Bancorp | $19.17 | −0.08% | $984.5M | — | 8.9 | 10.3 | +16.1% |
| Median | 11.5 | 9.4 | 2.4 | +16.5% |