Mercantile Bank of Michigan

310 Leonard Street Nw
Grand Rapids, MI 49504
616.406.3604
www.mercbank.com

FDIC

OverView
Rates
Health
Reviews

Mercantile Bank of Michigan is headquartered in Grand Rapids and is the 7^th largest bank in the state of Michigan. It is also the 474^th largest bank in the nation. It was established in 1997 and as of December of 2012, it had grown to 233 employees at 8 locations. Mercantile Bank of Michigan's savings rates are 4X the national average, and it boasts a 5-star health rating.

Mercantile Bank Of Michigan RCA (3%APY, $15K) (Forum) - 10/26/2012

The bank's WOW checking account requires enrollment in eStatements but, in an unusual move, offers flexibility in meeting the remaining requirements. These requirements are 15 customer-initiated activities which include: deposits, withdrawals,

Report an Issue

See Rates for: Checking | Savings | Money Market | CD | IRA

Mercantile Bank of Michigan Checking Account Rates

Apy	Min	Max	Product
3.00%	-	$15k	WOW Checking
0.75%	-	$25k	Choice Advantage Checking

Mercantile Bank of Michigan Savings Account Rates

Apy	Min	Max	Product
2.00%	$2,500	-	HSA Checking
1.20%	$500	-	60 Month HSA CD
1.00%	$500	-	48 Month HSA CD
0.80%	$500	-	36 Month HSA CD
0.60%	$500	-	24 Month HSA CD
0.45%	$500	-	18 Month HSA CD
0.35%	$500	-	12 Month HSA CD
0.30%	$25k	-	IRA Choice Plus Saving
0.30%	$25k	-	Roth IRA Choice Plus Saving
0.30%	$25k	-	SEP IRA Choice Plus Saving
0.30%	$25k	-	CESA Choice Plus Saving
0.25%	$500	-	6 Month HSA CD
0.20%	$500	-	3 Month HSA CD
0.15%	$25k	-	Choice Plus Savings
0.10%	$500	-	1 Month HSA CD

Mercantile Bank of Michigan Money Market Rates

	Apy	Min	Max	Product
	0.30%	$25k	-	Personal Money Market

Mercantile Bank of Michigan CD Rates

Apy	Min	Max	Product
1.20%	$500	-	60 Month CD
1.00%	$500	-	48 Month CD
0.80%	$500	-	36 Month CD
0.60%	$500	-	24 Month CD
0.45%	$500	-	18 Month CD
0.35%	$500	-	12 Month CD
0.25%	$500	-	6 Month CD
0.20%	$500	-	3 Month CD
0.10%	$500	-	1 Month CD

Mercantile Bank of Michigan IRA Rates

Apy	Min	Max	Product
1.20%	$500	-	60 Month IRA
1.20%	$500	-	60 Month Roth IRA
1.20%	$500	-	60 Month CESA
1.20%	$500	-	60 Month SEP IRA
1.00%	$500	-	48 Month IRA
1.00%	$500	-	48 Month Roth IRA
1.00%	$500	-	48 Month CESA
1.00%	$500	-	48 Month SEP IRA
0.80%	$500	-	36 Month IRA
0.80%	$500	-	36 Month Roth IRA
0.80%	$500	-	36 Month CESA
0.80%	$500	-	36 Month SEP IRA
0.60%	$500	-	24 Month IRA
0.60%	$500	-	24 Month Roth IRA
0.60%	$500	-	24 Month CESA
0.60%	$500	-	24 Month SEP IRA
0.45%	$500	-	18 Month IRA
0.45%	$500	-	18 Month Roth IRA
0.45%	$500	-	18 Month CESA
0.45%	$500	-	18 Month SEP IRA
0.35%	$500	-	12 Month IRA
0.35%	$500	-	12 Month Roth IRA
0.35%	$500	-	12 Month CESA
0.35%	$500	-	12 Month SEP IRA
0.25%	$500	-	6 Month IRA
0.25%	$500	-	6 Month Roth IRA
0.25%	$500	-	6 Month CESA
0.25%	$500	-	6 Month SEP IRA
0.20%	$500	-	3 Month IRA
0.20%	$500	-	3 Month Roth IRA
0.20%	$500	-	3 Month CESA
0.20%	$500	-	3 Month SEP IRA
0.10%	$500	-	1 Month IRA
0.10%	$500	-	1 Month Roth IRA
0.10%	$500	-	1 Month CESA
0.10%	$500	-	1 Month SEP IRA

Rates updated: 5/22/2013

Data for Q4 2012

Institution Statistics

Mercantile Bank of Michigan
FDIC Certificate #	34598
BankRate Report	View
Year Established	1997
Employees	233
Primary Regulator	FDIC
Assets and Liabilities
Assets	$1.42 billion
Loans	$1.01 billion
Deposits	$1.14 billion
Equity Capital	$173.02 million
Loan Loss Allowance	$28.68 million
Unbacked Noncurrent Loans	$18.15 million
Real Estate Owned	$6.97 million
Historic Data - December 2011
Assets	$1.43 billion
Equity Capital	$192.70 million
Loan Loss Allowance	$36.53 million
Unbacked Noncurrent Loans	$42.93 million
Real Estate Owned	$15.28 million
Profit Margin - Quarterly
Net Interest Margin	3.84%
Return on Assets	0.98%
Return on Equity	7.59%
Interest Income	$60.17 million

Institution Health

Overall Score:

5 out of 5

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, 2012 Mercantile Bank of Michigan had $25.12 million in non-current loans and owned real-estate with $201.7 million in equity and loan loss allowances on hand to cover it. This gives Mercantile Bank of Michigan a Texas Ratio of 12.45% which is above average. 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 significantly from 25.97% as of December 31, 2011 to 12.45% as of December 31, 2012, resulting in a positive change of 52.04%.This indicates that the balance sheet and financial strength for Mercantile Bank of Michigan has improved significantly in recent periods.
Deposit Growth
In the past year, Mercantile Bank of Michigan has increased its total deposits by $23.06 million, resulting in 2.07% 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 above average.
Capitalization
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 $201.7 million in equity, resulting in a capitalization level of 14.25%, which is excellent.