Mercantile Bank (MI)

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

Mercantile Bank (MI) is headquartered in Grand Rapids and is the 2nd largest bank in the state of Michigan. It is also the 267th largest bank in the nation. It was established in 1997 and as of June of 2022, it had grown to 651 employees at 44 locations. Mercantile Bank (MI)'s CD rates are 3X the national average, and it boasts an A+ health rating.

Reviews (2)

A nice small bank with personal service

Posted by: |

Not only are the workers in this bank very friendly to me but they remember me, even though I don't come in frequently.

One time I had an issue with a large check that I needed to deposit and things got off to a rough start when they refused to take the check because the amount was so large. After speaking with the branch manager she was willing to work with me and deposit the check. I did have to wait seven days for my funds to become fully available but the process was clearly explained to me and everything was resolved to my satisfaction. I do admit that when things became difficult at the initial refusal that I was fairly irritated by it. I was concerned how a bank could refuse to take a check that was good. There was a hang up between the bank that the check was written on and my bank with some finger pointing as to whether the other bank was providing sufficient information to my bank to deposit the check but since it all worked out in the end I am willing to look past that. I have been a customer of this bank for over three years now and am very happy with their service outside of this one incident. I really feel like they care about me as a customer.

Poor Customer Service

Posted by: |

Poor customer service with no help for fraudulent charges or scam companies which are the norm in the ecommerce days they are no help and just act like you are the problem so there are better institutions with much better policies to handle your money..


Health Grade Components

FDIC Certificate #34598
Year Established1997
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.07%
Return on Equity - YTD10.23%
Annual Interest Income$75.4MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$5.04B$4.74B
LoansQ2 2022vs Q2 2021$3.70B$3.24B
DepositsQ2 2022vs Q2 2021$3.89B$3.68B
Equity CapitalQ2 2022vs Q2 2021$531.6MM$476.8MM
Loan Loss AllowanceQ2 2022vs Q2 2021$36.0MM$35.9MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$1.8MM$2.7MM
Real Estate OwnedQ2 2022vs Q2 2021$0$404.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Mercantile Bank (MI) Savings Account Rates

1.00%--MercClub Savings
0.15%*$100k*-IRA Saving
OTHER TIERS: 0.05% Up to $25k | 0.10% $25k - $100k
0.10%*$15k*-HSA Checking - Individual
OTHER TIERS: 0.01% Up to $5k | 0.05% $5k - $15k
0.10%*$15k*-Online HSA Checking - Individual
OTHER TIERS: 0.01% Up to $5k | 0.05% $5k - $15k
0.10%*$15k*-HSA Checking - Family
OTHER TIERS: 0.01% Up to $5k | 0.05% $5k - $15k
0.10%*$15k*-Online HSA Checking - Family
OTHER TIERS: 0.01% Up to $5k | 0.05% $5k - $15k
0.05%--Community Savings
0.05%--CDARS Insured Cash Sweep Savings
0.05%--Online Community Savings
0.01%--Student Savings

Mercantile Bank (MI) Money Market Rates

0.50%*$100k*-Personal Money Market
OTHER TIERS: 0.10% Up to $25k | 0.30% $25k - $100k
0.50%*$100k*-Online Money Market
OTHER TIERS: 0.10% Up to $25k | 0.30% $25k - $100k

Mercantile Bank (MI) Checking Account Rates

0.30%*$250k*-Municipal Checking
OTHER TIERS: 0.10% Up to $50k | 0.20% $50k - $250k
0.10%*$50k*-High Yield Checking
OTHER TIERS: 0.01% $2.5k - $10k | 0.02% $10k - $25k | 0.05% $25k - $50k
0.10%*$50k*-Online High Yield Checking
OTHER TIERS: 0.01% $2.5k - $10k | 0.02% $10k - $25k | 0.05% $25k - $50k
0.05%$1k-MercPerks Checking
0.01%$1k-Online MercPerks Checking

Mercantile Bank (MI) CD Rates

3.35%$250k-24 Month Jumbo Public Entity CD
3.25%$500$250k24 Month Public Entity CD
3.15%$250k-18 Month Jumbo Public Entity CD
3.10%$50k-Business 156 Week CDARS Certificate
3.00%$500$250k18 Month Public Entity CD
2.90%$50k-Business 104 Week CDARS Certificate
2.85%$250k-365 Day Jumbo Public Entity CD
2.75%$500-12 Month CD
2.75%$500-12 Month HSA CD
2.75%$500$250k365 Day Public Entity CD
2.75%$500-Business 12 Month CD
2.60%$50k-Business 52 Week CDARS Certificate
2.60%$250k-180 Day Jumbo Public Entity CD
2.50%$500-28 Month Flex CD
2.50%$500$250k180 Day Public Entity CD
2.50%$500-Online 28 Month Flex CD
2.35%$50k-Business 26 Week CDARS Certificate
2.25%$250k-60 Month Jumbo Public Entity CD
2.20%$500-24 Month CD
2.20%$500-60 Month CD
2.20%$500-24 Month HSA CD
2.20%$500-60 Month HSA CD
2.20%$500$250k60 Month Public Entity CD
2.20%$500-Online 25 Month CD
2.20%$500-Business 24 Month CD
2.20%$500-Business 60 Month CD
2.20%$250k-48 Month Jumbo Public Entity CD
2.15%$500-48 Month CD
2.15%$500-48 Month HSA CD
2.15%$500$250k48 Month Public Entity CD
2.15%$500-Business 48 Month CD
2.15%$250k-36 Month Jumbo Public Entity CD
2.10%$500-18 Month CD
2.10%$500-36 Month CD
2.10%$500-18 Month HSA CD
2.10%$500-36 Month HSA CD
2.10%$500$250k36 Month Public Entity CD
2.10%$500-Business 18 Month CD
2.10%$500-Business 36 Month CD
2.01%$25$95k35 Month Add-To CD
0.65%$500-6 Month CD
0.65%$500-6 Month HSA CD
0.65%$500-Online 11 Month CD
0.65%$500-Business 6 Month CD
0.25%$500-3 Month CD
0.25%$500-3 Month HSA CD
0.25%$500$250k90 Day Public Entity CD
0.25%$500-Business 3 Month CD
0.25%$250k-90 Day Jumbo Public Entity CD
0.10%$500-1 Month CD
0.10%$500-1 Month HSA CD
0.10%$500$250k30 Day Public Entity CD
0.10%$500-Business 1 Month CD
0.10%$250k-30 Day Jumbo Public Entity CD
0.01%$50k-Business 4 Week CDARS Certificate
0.01%$50k-Business 13 Week CDARS Certificate

Mercantile Bank (MI) IRA Rates

2.75%$500-12 Month IRA
2.20%$500-24 Month IRA
2.20%$500-60 Month IRA
2.15%$500-48 Month IRA
2.10%$500-18 Month IRA
2.10%$500-36 Month IRA
0.65%$500-6 Month IRA
0.25%$500-3 Month IRA
0.10%$500-1 Month IRA


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