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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 483rd largest bank in the nation. It was established in 1997 and as of March of 2014, it had grown to 244 employees at 8 locations. Mercantile Bank of Michigan's savings rates are 3X the national average, and it boasts a A+ health rating.

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Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Mercantile Bank of Michigan had $8.07 million in non-current loans and owned real-estate with $204.88 million in equity and loan loss allowances on hand to cover it. This gives Mercantile Bank of Michigan a Texas Ratio of 3.94% 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 9.07% as of March 31, 2013 to 3.94% as of March 31, 2014, resulting in a positive change of 56.58%.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 increased its total deposits by $16.89 million, resulting in 1.54% 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.



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 $1.41 billion in assets with $204.88 million in equity, resulting in a capitalization level of 14.54%, which is excellent.

Institution Statistics

FDIC Certificate #34598
Year Established1997
Primary RegulatorFDIC
Assets and Liabilities
Assets$1.41 billion
Loans$1.05 billion
Deposits$1.11 billion
Equity Capital$183.92 million
Loan Loss Allowance$20.95 million
Unbacked Noncurrent Loans$5.72 million
Real Estate Owned$2.35 million
Historic Data - March 2013
Assets$1.38 billion
Equity Capital$175.42 million
Loan Loss Allowance$26.04 million
Unbacked Noncurrent Loans$5.72 million
Real Estate Owned$6.51 million
Profit Margin - Quarterly
Net Interest Margin3.55%
Return on Assets1.15%
Return on Equity8.98%
Interest Income$13.59 million

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Mercantile Bank of Michigan Savings Account Rates

1.51%$15k-HSA Checking
0.20%$100k-IRA Saving
0.20%$100k-Roth IRA Saving
0.20%$100k-SEP IRA Saving
0.20%$100k-CESA Saving
0.10%--Community Savings
0.10%--Student Savings

Mercantile Bank of Michigan Money Market Rates

0.20%$100k-Personal Money Market

Mercantile Bank of Michigan Checking Account Rates

0.20%$50k-High Yield Checking
0.05%$1k-Interest Checking

Mercantile Bank of Michigan CD Rates

1.40%$100k-60 Months Jumbo CD
1.30%$500-60 Month CD
1.30%$500-60 Month HSA CD
1.10%$100k-48 - 59 Months Jumbo CD
1.00%$500-48 Month CD
1.00%$500-48 Month HSA CD
0.80%$500-36 Month CD
0.80%$500-36 Month HSA CD
0.65%$100k-36 - 47 Months Jumbo CD
0.55%$500-24 Month CD
0.55%$500-24 Month HSA CD
0.55%$100k-24 - 35 Months Jumbo CD
0.45%$500-18 Month CD
0.45%$500-18 Month HSA CD
0.45%$100k-13 - 23 Months Jumbo CD
0.35%$500-12 Month CD
0.35%$500-12 Month HSA CD
0.35%$100k-270 - 365 Days Jumbo CD
0.30%$100k-180 - 269 Days Jumbo CD
0.25%--6 Month Merc Club CD
0.25%--12 Month Merc Club CD
0.25%$100k-90 - 179 Days Jumbo CD
0.20%$500-6 Month CD
0.20%$500-6 Month HSA CD
0.20%$100k-60 - 89 Days Jumbo CD
0.15%$500-3 Month CD
0.15%$500-3 Month HSA CD
0.15%$100k-30 - 59 Days Jumbo CD
0.10%$500-1 Month CD
0.10%$500-1 Month HSA CD
0.10%$100k-14 - 29 Days Jumbo CD

Mercantile Bank of Michigan IRA Rates

1.40%$100k-60 Months Jumbo IRA
1.30%$500-60 Month IRA
1.10%$100k-48 - 59 Months Jumbo IRA
1.00%$500-48 Month IRA
0.80%$500-36 Month IRA
0.65%$100k-36 - 47 Months Jumbo IRA
0.55%$500-24 Month IRA
0.55%$100k-24 - 35 Months Jumbo IRA
0.45%$500-18 Month IRA
0.45%$100k-13 - 23 Months Jumbo IRA
0.35%$500-12 Month IRA
0.35%$100k-270 - 365 Days Jumbo IRA
0.30%$100k-180 - 269 Days Jumbo IRA
0.25%$100k-90 - 179 Days Jumbo IRA
0.20%$500-6 Month IRA
0.20%$100k-60 - 89 Days Jumbo IRA
0.15%$500-3 Month IRA
0.15%$100k-30 - 59 Days Jumbo IRA
0.10%$500-1 Month IRA
0.10%$100k-14 - 29 Days Jumbo IRA

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