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Mercantile Bank of Michigan


Overview / Commentary
www.mercbank.com
616-242-7760
310 Leonard Street Nw
Grand Rapids, MI 49504

Mercantile Bank of Michigan is headquartered in Grand Rapids and is the 2nd largest bank in the state of Michigan. It is also the 275th largest bank in the nation. It was established in 1997 and as of June of 2021, it had grown to 634 employees at 42 locations. Mercantile Bank of Michigan has an A+ health rating.

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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.

1

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..

1


Health
A+

Data as of Q2 2021

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34598
Year Established1997
Employees634
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.51%
Return on Equity - YTD15.01%
Annual Interest Income$70.6MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$4.74B$4.30B
LoansQ2 2021vs Q2 2020$3.24B$3.30B
DepositsQ2 2021vs Q2 2020$3.68B$3.27B
Equity CapitalQ2 2021vs Q2 2020$476.8MM$445.1MM
Loan Loss AllowanceQ2 2021vs Q2 2020$35.9MM$32.2MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$2.7MM$3.2MM
Real Estate OwnedQ2 2021vs Q2 2020$404.00K$198.00K
Rates
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Always verify rates and promotions with the bank or credit union. We are not Mercantile Bank of Michigan; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Mercantile Bank of Michigan Savings Account Rates

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

Mercantile Bank of Michigan Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$100k*-Online Money Market
OTHER TIERS: 0.05% → Up to $25k | 0.10% → $25k - $100k
0.10%*$100k*-Personal Money Market
OTHER TIERS: 0.01% → Up to $25k | 0.05% → $25k - $100k

Mercantile Bank of Michigan Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$250k*-Municipal Checking
OTHER TIERS: 0.05% → Up to $50k | 0.10% → $50k - $250k
0.05%*$25k*-High Yield Checking
OTHER TIERS: 0.01% → $2.5k - $10k | 0.02% → $10k - $25k
0.05%$1k-MercPerks Checking
0.05%*$25k*-Online High Yield Checking
OTHER TIERS: 0.02% → $2.5k - $25k
0.02%$1k-Online MercPerks Checking

Mercantile Bank of Michigan CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.55%$250k-60 Month Jumbo Public Entity CD
0.50%$500-60 Month CD
0.50%$500-60 Month HSA CD
0.50%$500$250k60 Month Public Entity CD
0.50%$500-Business 60 Month CD
0.45%$250k-48 Month Jumbo Public Entity CD
0.40%$500-48 Month CD
0.40%$500-48 Month HSA CD
0.40%$500$250k48 Month Public Entity CD
0.40%$500-Business 48 Month CD
0.40%$250k-36 Month Jumbo Public Entity CD
0.35%$500-36 Month CD
0.35%$500-36 Month HSA CD
0.35%$500$250k36 Month Public Entity CD
0.35%$500-Business 36 Month CD
0.35%$250k-24 Month Jumbo Public Entity CD
0.30%$500-24 Month CD
0.30%$500-24 Month HSA CD
0.30%$500$250k24 Month Public Entity CD
0.30%$500-Online 25 Month CD
0.30%$500-Business 24 Month CD
0.25%$500-18 Month CD
0.25%$500-18 Month HSA CD
0.25%$500-28 Month Flex CD
0.25%$25$95k35 Month Add-To CD
0.25%$500$250k18 Month Public Entity CD
0.25%$500-Online 28 Month Flex CD
0.25%$500-Business 18 Month CD
0.25%$250k-18 Month Jumbo Public Entity CD
0.20%$500-12 Month CD
0.20%$500-12 Month HSA CD
0.20%$500$250k365 Day Public Entity CD
0.20%$500-Business 12 Month CD
0.20%$250k-365 Day Jumbo Public Entity CD
0.15%$500-6 Month CD
0.15%$500-6 Month HSA CD
0.15%$500$250k180 Day Public Entity CD
0.15%$50k-Business 156 Week CDARS Certificate
0.15%$500-Online 11 Month CD
0.15%$500-Business 6 Month CD
0.15%$250k-180 Day Jumbo Public Entity CD
0.10%$500-3 Month CD
0.10%$500-3 Month HSA CD
0.10%$500$250k90 Day Public Entity CD
0.10%$50k-Business 104 Week CDARS Certificate
0.10%$500-Business 3 Month CD
0.10%$250k-90 Day Jumbo Public Entity CD
0.05%$500-1 Month CD
0.05%$500-1 Month HSA CD
0.05%$500$250k30 Day Public Entity CD
0.05%$50k-Business 52 Week CDARS Certificate
0.05%$500-Business 1 Month CD
0.05%$250k-30 Day Jumbo Public Entity CD
0.01%$50k-Business 4 Week CDARS Certificate
0.01%$50k-Business 13 Week CDARS Certificate
0.01%$50k-Business 26 Week CDARS Certificate

Mercantile Bank of Michigan IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$500-60 Month IRA
0.40%$500-48 Month IRA
0.35%$500-36 Month IRA
0.30%$500-24 Month IRA
0.25%$500-18 Month IRA
0.20%$500-12 Month IRA
0.15%$500-6 Month IRA
0.10%$500-3 Month IRA
0.05%$500-1 Month IRA
Locations

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