GRAND RAPIDS, Mich.,
June 2, 2014 /PRNewswire/ --
Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile") and
Firstbank Corporation (NASDAQ: FBMI) ("Firstbank") today announced
the completion of their merger, effective as of June 1, 2014, creating the third largest Bank
Holding Company incorporated in Michigan. The combined company will operate as
Mercantile Bank Corporation and has approximately $2.9 billion in assets and 53 locations across
Michigan.
Michael Price will continue to
lead Mercantile Bank Corporation as President and Chief Executive
Officer, and Thomas Sullivan, former
Firstbank President and Chief Executive Officer, will serve as
Chairman of the Board.
"This merger creates a company with a strong and stable source
of core funding, excellence in commercial lending and the ability
to deliver industry leading technology," said Michael Price. "As a result of this
merger, the combined Mercantile Bank Corporation has a strengthened
competitive position with an expanded geographic footprint.
The combined company has a more robust offering of products and
services, an enhanced retail delivery system, a more diversified
loan portfolio and greater origination capabilities. We are excited
about the future of our organization and the meaningful
opportunities for our outstanding team members to bring an
extensive array of products and services to both current and
potential clients."
As a result of the merger, Firstbank shareholders received a
fixed ratio of 1.00 share of Mercantile common stock for each share
of Firstbank common stock, implying a transaction value per share
of $21.43 or approximately
$173.3 million in the aggregate based
upon Mercantile's closing price as of May
30, 2014. Mercantile shareholders received
approximately 52% of the stock in the combined company; Firstbank
shareholders received approximately 48%.
About Mercantile Bank Corporation
Based in Grand Rapids,
Michigan, Mercantile Bank Corporation is the bank holding
company for Mercantile Bank of Michigan, Firstbank and Keystone Community
Bank. Founded in 1997 to provide banking services to
businesses, individuals and governmental units, the Bank
differentiates itself on the basis of service quality and the
expertise of its banking staff. Mercantile has assets of
$2.9 billion and operates 53 banking
offices serving central and western Michigan.
Forward-Looking Statements
This press release contains "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. These include
statements regarding the expected benefits of the merger and
statements preceded by, followed by or that otherwise include the
words "opportunity" or similar expressions. Forward-looking
statements are based upon information available to Mercantile as of
today's date, and are not guarantees of the future performance of
the combined company, and actual results may vary materially from
the results and expectations discussed. Risks and
uncertainties include the successful integration of Mercantile and
Firstbank and their respective subsidiary banks, and ability of the
combined company to compete in the highly competitive banking and
financial services industry. Additional information concerning
these and other risks is contained in Mercantile's most recently
filed Annual Report on Form 10-K, subsequent Quarterly Reports on
Form 10-Q, recent Current Reports on Form 8-K and other SEC
filings. Mercantile does not undertake any obligation to
publicly update any of these forward-looking statements to reflect
events or circumstances that may arise after the date hereof.
SOURCE Mercantile Bank Corporation
