2. Mercantile Bank of Michigan

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 3rd largest bank in the state of Michigan. It is also the 287th largest bank in the nation. It was established in 1997 and as of June of 2019, it had grown to 652 employees at 48 locations. Mercantile Bank of Michigan's CD rates are 67% higher than the national average, and it has an A health rating.

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Reviews (1)

A nice small bank with personal service

Posted by: RandyS | Jul 27, 2016

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


Health
A

Data as of Q2 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34598
Year Established1997
Employees652
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.54%
Return on Equity - YTD13.15%
Annual Interest Income$78.5MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$3.56B$3.27B
LoansQ2 2019vs Q2 2018$2.86B$2.62B
DepositsQ2 2019vs Q2 2018$2.63B$2.54B
Equity CapitalQ2 2019vs Q2 2018$421.4MM$392.9MM
Loan Loss AllowanceQ2 2019vs Q2 2018$24.1MM$21.2MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$3.5MM$5.1MM
Real Estate OwnedQ2 2019vs Q2 2018$446.00K$842.00K
Rates
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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 of Michigan Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%*$100k*-IRA Saving
OTHER TIERS: 0.25% → Up to $25k | 0.35% → $25k - $100k
0.25%--MercClub Savings
0.20%*$15k*-HSA Checking
OTHER TIERS: 0.05% → Up to $5k | 0.10% → $5k - $15k
0.20%--CDARS Insured Cash Sweep Savings
0.10%--Community Savings
0.05%--Student Savings

Mercantile Bank of Michigan Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.60%*$100k*-Personal Money Market
OTHER TIERS: 0.25% → Up to $25k | 0.35% → $25k - $100k

Mercantile Bank of Michigan Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$250k*-Municipal Checking
OTHER TIERS: 0.10% → Up to $50k | 0.20% → $50k - $250k
0.10%*$25k*-High Yield Checking
OTHER TIERS: 0.05% → $2.5k - $25k
0.10%$1k-MercPerks Checking

Mercantile Bank of Michigan CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.30%*$250k*-60 Month Public Entity CD
OTHER TIERS: 2.25% → $500 - $250k
2.20%*$250k*-48 Month Public Entity CD
OTHER TIERS: 2.15% → $500 - $250k
2.10%$500-60 Month CD
2.10%$500-60 Month HSA CD
2.10%*$250k*-36 Month Public Entity CD
OTHER TIERS: 2.05% → $500 - $250k
2.00%$500-48 Month CD
2.00%$500-48 Month HSA CD
2.00%*$250k*-24 Month Public Entity CD
OTHER TIERS: 1.95% → $500 - $250k
1.90%$500-36 Month CD
1.90%$500-36 Month HSA CD
1.90%*$250k*-18 Month Public Entity CD
OTHER TIERS: 1.85% → $500 - $250k
1.80%$500-24 Month CD
1.80%$500-24 Month HSA CD
1.80%*$250k*-365 Day Public Entity CD
OTHER TIERS: 1.75% → $500 - $250k
1.80%$50k-Business 156 Week CDARS Certificate
1.70%*$250k*-180 Day Public Entity CD
OTHER TIERS: 1.65% → $500 - $250k
1.70%$50k-Business 104 Week CDARS Certificate
1.65%$500-18 Month CD
1.65%$500-18 Month HSA CD
1.50%$500-12 Month CD
1.50%$500-12 Month HSA CD
1.50%$50k-Business 52 Week CDARS Certificate
1.45%*$250k*-90 Day Public Entity CD
OTHER TIERS: 1.40% → $500 - $250k
1.35%*$250k*-30 Day Public Entity CD
OTHER TIERS: 1.30% → $500 - $250k
1.30%$500-6 Month CD
1.30%$500-6 Month HSA CD
1.30%$50k-Business 26 Week CDARS Certificate
1.15%$50k-Business 13 Week CDARS Certificate
1.05%$50k-Business 4 Week CDARS Certificate
0.90%$500-3 Month CD
0.90%$500-3 Month HSA CD
0.70%$500-1 Month CD
0.70%$500-1 Month HSA CD

Mercantile Bank of Michigan IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.10%$500-60 Month IRA
2.00%$500-48 Month IRA
1.90%$500-36 Month IRA
1.80%$500-24 Month IRA
1.65%$500-18 Month IRA
1.50%$500-12 Month IRA
1.30%$500-6 Month IRA
0.90%$500-3 Month IRA
0.70%$500-1 Month IRA
Locations

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