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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 September of 2020, it had grown to 618 employees at 45 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 Q3 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34598
Year Established1997
Employees618
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.15%
Return on Equity - YTD10.33%
Annual Interest Income$110.7MM
Assets and Liabilities
AssetsQ3 2020vs Q3 2019$4.40B$3.69B
LoansQ3 2020vs Q3 2019$3.31B$2.91B
DepositsQ3 2020vs Q3 2019$3.38B$2.77B
Equity CapitalQ3 2020vs Q3 2019$450.2MM$431.4MM
Loan Loss AllowanceQ3 2020vs Q3 2019$35.6MM$24.4MM
Unbacked Noncurrent LoansQ3 2020vs Q3 2019$4.1MM$2.7MM
Real Estate OwnedQ3 2020vs Q3 2019$512.00K$243.00K
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*-HSA Checking
OTHER TIERS: 0.05% → Up to $5k | 0.10% → $5k - $15k
0.15%*$100k*-IRA Saving
OTHER TIERS: 0.05% → Up to $25k | 0.10% → $25k - $100k
0.15%*$15k*-Online HSA Checking
OTHER TIERS: 0.05% → Up to $5k | 0.10% → $5k - $15k
0.10%--MercClub Savings
0.05%--Community Savings
0.05%--Online Community Savings
0.02%--Student Savings
0.01%--CDARS Insured Cash Sweep Savings

Mercantile Bank of Michigan Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$100k*-Personal Money Market
OTHER TIERS: 0.05% → Up to $25k | 0.10% → $25k - $100k
0.15%*$100k*-Online Money Market
OTHER TIERS: 0.05% → Up to $25k | 0.10% → $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: 0.02% → $2.5k - $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
0.65%*$250k*-60 Month Public Entity CD
OTHER TIERS: 0.60% → $500 - $250k
0.55%$500-60 Month CD
0.55%$500-60 Month HSA CD
0.55%*$250k*-48 Month Public Entity CD
OTHER TIERS: 0.50% → $500 - $250k
0.50%$500-Online 28 Month Flex CD
0.45%$500-48 Month CD
0.45%$500-48 Month HSA CD
0.45%*$250k*-36 Month Public Entity CD
OTHER TIERS: 0.40% → $500 - $250k
0.40%*$250k*-24 Month Public Entity CD
OTHER TIERS: 0.35% → $500 - $250k
0.36%*$250k*-18 Month Public Entity CD
OTHER TIERS: 0.30% → $500 - $250k
0.35%$500-36 Month CD
0.35%$500-36 Month HSA CD
0.30%$500-24 Month CD
0.30%$500-24 Month HSA CD
0.30%*$250k*-365 Day Public Entity CD
OTHER TIERS: 0.25% → $500 - $250k
0.30%$500-Online 25 Month CD
0.25%$500-18 Month CD
0.25%$500-18 Month HSA CD
0.25%*$250k*-180 Day Public Entity CD
OTHER TIERS: 0.20% → $500 - $250k
0.25%$50k-Business 156 Week CDARS Certificate
0.20%$500-12 Month CD
0.20%$500-12 Month HSA CD
0.20%$50k-Business 104 Week CDARS Certificate
0.15%$500-6 Month CD
0.15%$500-6 Month HSA CD
0.15%*$250k*-90 Day Public Entity CD
OTHER TIERS: 0.10% → $500 - $250k
0.15%$50k-Business 52 Week CDARS Certificate
0.15%$500-Online 11 Month CD
0.10%$500-3 Month CD
0.10%$500-3 Month HSA CD
0.10%*$250k*-30 Day Public Entity CD
OTHER TIERS: 0.05% → $500 - $250k
0.10%$50k-Business 26 Week CDARS Certificate
0.05%$500-1 Month CD
0.05%$500-1 Month HSA CD
0.05%$50k-Business 13 Week CDARS Certificate
0.01%$50k-Business 4 Week CDARS Certificate

Mercantile Bank of Michigan IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.55%$500-60 Month IRA
0.45%$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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