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Overview / Commentary
310 Leonard Street Nw
Grand Rapids, MI 49504

Mercantile Bank of Michigan is headquartered in Grand Rapids and is the 7th largest bank in the state of Michigan. It is also the 475th largest bank in the nation. It was established in 1997 and as of December of 2013, it had grown to 241 employees at 8 locations. Mercantile Bank of Michigan's savings rates are 4X the national average, and it has a A health rating.

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Data for Q4 2013

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Mercantile Bank of Michigan had $8.75 million in non-current loans and owned real-estate with $202.53 million in equity and loan loss allowances on hand to cover it. This gives Mercantile Bank of Michigan a Texas Ratio of 4.32% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Mercantile Bank of Michigan decreased dramatically from 12.46% as of December 31, 2012 to 4.32% as of December 31, 2013, resulting in a positive change of 65.31%.This indicates that the balance sheet and financial strength for Mercantile Bank of Michigan has improved dramatically in recent periods.

Deposit Growth


In the past year, Mercantile Bank of Michigan has decreased its total deposits by -$14.26 million, resulting in -1.26% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Mercantile Bank of Michigan has shown is average.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Mercantile Bank of Michigan has $1.42 billion in assets with $202.53 million in equity, resulting in a capitalization level of 14.22%, which is excellent.

Institution Statistics

FDIC Certificate #34598
Year Established1997
Primary RegulatorFDIC
Assets and Liabilities
Assets$1.42 billion
Loans$1.03 billion
Deposits$1.12 billion
Equity Capital$179.71 million
Loan Loss Allowance$22.82 million
Unbacked Noncurrent Loans$5.90 million
Real Estate Owned$2.85 million
Historic Data - December 2012
Assets$1.42 billion
Equity Capital$173.02 million
Loan Loss Allowance$28.68 million
Unbacked Noncurrent Loans$5.90 million
Real Estate Owned$6.97 million
Profit Margin - Quarterly
Net Interest Margin3.89%
Return on Assets1.43%
Return on Equity11.33%
Interest Income$58.25 million

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Mercantile Bank of Michigan Savings Account Rates

2.00%$2,500-HSA Checking
0.25%$100k-IRA Choice Plus Saving
0.25%$100k-Roth IRA Choice Plus Saving
0.25%$100k-SEP IRA Choice Plus Saving
0.25%$100k-CESA Choice Plus Saving
0.10%--Choice Plus Savings

Mercantile Bank of Michigan Money Market Rates

0.25%$100k-Personal Money Market

Mercantile Bank of Michigan Checking Account Rates

3.00%-$15kWOW Checking
0.75%-$25kChoice Advantage Checking
0.01%-$25kChoice Advantage Checking
0.00%--WOW Checking

Mercantile Bank of Michigan CD Rates

1.50%$500-60 Month CD
1.50%$500-60 Month HSA CD
1.00%$500-36 Month CD
1.00%$500-48 Month CD
1.00%$500-36 Month HSA CD
1.00%$500-48 Month HSA CD
0.70%$500-24 Month CD
0.70%$500-24 Month HSA CD
0.45%$500-18 Month CD
0.45%$500-18 Month HSA CD
0.35%$500-12 Month CD
0.35%$500-12 Month HSA CD
0.25%$500-6 Month CD
0.25%$500-6 Month HSA CD
0.20%$500-3 Month CD
0.20%$500-3 Month HSA CD
0.10%$500-1 Month CD
0.10%$500-1 Month HSA CD

Mercantile Bank of Michigan IRA Rates

1.50%$500-60 Month IRA (Traditional,Roth,CESA,SEP)
1.00%$500-36 Month IRA (Traditional,Roth,CESA,SEP)
1.00%$500-48 Month IRA (Traditional,Roth,CESA,SEP)
0.70%$500-24 Month IRA (Traditional,Roth,CESA,SEP)
0.45%$500-18 Month IRA (Traditional,Roth,CESA,SEP)
0.35%$500-12 Month IRA (Traditional,Roth,CESA,SEP)
0.25%$500-6 Month IRA (Traditional,Roth,CESA,SEP)
0.20%$500-3 Month IRA (Traditional,Roth,CESA,SEP)
0.10%$500-1 Month IRA (Traditional,Roth,CESA,SEP)

Mercantile Bank of Michigan Locations
Mercantile Bank Of Michigan310 Leonard Street NWGrand Rapids, MI 49504
Knapp Street Branch3156 Knapp Street, NeGrand Rapids, MI 49525
East Lansing Branch3737 Coolidge RoadEast Lansing, MI 48823
Alpine Avenue Branch4613 Alpine Avenue NWGrand Rapids, MI 49504
Kentwood Branch4860 Broadmoor Avenue S.E.Kentwood, MI 49512
Wyoming Branch5610 Byron Center AvenueWyoming, MI 49509
Holland Branch880 E 16th StreetHolland, MI 49423