Mercantile Bank of Michigan

310 Leonard Street Nw
Grand Rapids, MI 49504

 

2019 Overview

General Bank Information

FDIC Insured Yes
FDIC Certificate # 34598
Date Established 1997
Assets $3.53 billion
Loans $2.78 billion
Deposits $2.62 billion
Capital $0.41 billion

Mercantile Bank of Michigan is an FDIC insured institution located in Grand Rapids, MI. It was founded in 1997 and has approximately $3.53 billion in assets. Customers can open an account at one of its 57 branches.

For a more detailed analysis of Mercantile Bank of Michigan's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - July 19, 2019

Your Current Location: Washington, WA 98109

Savings and Money Market Rates APY MIN MAX
Money Market
0.35% $1 $24,999 Learn MoreShow Less
Money Market
0.45% $25,000 $99,999 Learn MoreShow Less
CD Rates APY MIN MAX
3 Mo CD
1.00% $500 - Learn MoreShow Less
6 Mo CD
1.50% $500 - Learn MoreShow Less
1.60% $500 $9,999,999 Learn MoreShow Less
12 Mo CD
1.70% $500 - Learn MoreShow Less
1.75% $500 $9,999,999 Learn MoreShow Less
18 Mo CD
1.85% $500 - Learn MoreShow Less
1.90% $500 $9,999,999 Learn MoreShow Less
24 Mo CD
2.00% $500 - Learn MoreShow Less
2.00% $500 $9,999,999 Learn MoreShow Less
36 Mo CD
2.10% $500 - Learn MoreShow Less
2.10% $500 $9,999,999 Learn MoreShow Less
48 Mo CD
2.20% $500 - Learn MoreShow Less
2.20% $500 $9,999,999 Learn MoreShow Less
60 Mo CD
2.30% $500 - Learn MoreShow Less

Fixed IRA Rates APY MIN MAX
1.60% $500 $9,999,999 Learn MoreShow Less
Fixed IRA
1.70% $500 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
Var IRA
0.35% $1 $24,999 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.05% $2,500 $9,999 Learn MoreShow Less

Loan Rates - July 19, 2019

Your Current Location: Washington, WA 98109

Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Mercantile Bank of Michigan branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Seattle,Washington


Mercantile Bank of Michigan Locations


Financial Details

Mercantile Bank of Michigan Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Mercantile Bank of Michigan. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Mercantile Bank of Michigan U.S. Bank Average
1.11% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2019, Mercantile Bank of Michigan had $4,365,000 in non-current loans and $396,000 in owned real estate. To cover these potential losses it had $405,995,000 in equity and $23,135,000 in loans loss reserves. That gives it a Texas Ratio of 1.11%.

Return on Equity
Mercantile Bank of Michigan U.S. Bank Average
13.43% 9.47%

Mercantile Bank of Michigan has a Return on Equity of 13.43% versus the BestCashCow average of 9.47%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Mercantile Bank of Michigan U.S. Bank Average
11.49% 12.49%

Mercantile Bank of Michigan has a Capitalization of 11.49% versus the BestCashCow average of 12.49. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Mercantile Bank of Michigan Balance Sheet Analysis

As of March 31, 2019, Mercantile Bank of Michigan had assets of $3,534,042,000, loans of $2,776,503,000, and deposits of $2,617,454,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2019
ASSETS
Cash & Balances due from depository institutions $0.21 billion
Interest-bearing balances $0.17 billion
Total securities $0.34 billion
Federal funds sold and reverse repurchase $0.00 billion
Net loans and leases $2.78 billion
Loan loss allowance $0.02 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.04 billion
All other assets $0.11 billion
     Total Assets $3.13 billion
LIABILITIES
Total deposits $2.62 billion
      Interest-bearing deposits $1.76 billion
      Deposits held in domestic offices $2.62 billion
      % insured (estimated) 65.22%
Federal funds purchased and repurchase agreements $0.11 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.39 billion
Subordinated debt $0.00 billion
All other liabilities $0.01 billion
      Total Liabilities $3.13 billion
      Shareholders’ Equity $0.41 billion

Summary Income Statement

March 31, 2019
INCOME AND EXPENSES
Total Interest Income $0.04 billion
Total Interest Expense $0.01 billion
Net interest income $0.03 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.01 billion
Total non interest expense $0.02 billion
Pre-tax Net Operating Income $0.02 billion

Bank Loan Profile?

The top three loan types in Mercantile Bank of Michigan’s loan portfolio are Commercial Real Estate, Commercial and Industrial Loans, and 1-4 Family Residential Loans.

Compared to other banks in Michigan, Mercantile Bank of Michigan has a significantly higher percent of Construction and Development Loans, Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 13.83
Multifamily
Mortgages
2.79
Credit Card Loans 0.02
Consumer Auto Loans 0.53
Small Business Loans 8.62
Construction and Development Loans 7.76
Commercial Real Estate 45.32
Commercial and Industrial Loans 27.85
Farm Loans 0.03

Frequently Asked Questions About Mercantile Bank Of Michigan

Branches and Savings

Is Mercantile Bank Of Michigan FDIC insured?

Yes. It is covered under FDIC Certificate #34598.

Why does Mercantile Bank Of Michigan pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Mercantile Bank Of Michigan CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Mercantile Bank Of Michigan a commercial bank?

Yes

Where are Mercantile Bank Of Michigan locations?

See branch locations nearby.

Is Mercantile Bank Of Michigan open on Saturdays?

Is Mercantile Bank Of Michigan open on Sundays?

What time does Mercantile Bank Of Michigan open?

What time does Mercantile Bank Of Michigan close?

Are Mercantile Bank Of Michigan ATMs Open 24/7?

Do Mercantile Bank Of Michigan ATMs accept cash deposits?

Can Mercantile Bank Of Michigan customers use other ATMs?

Do Mercantile Bank Of Michigan branches have notaries?

Will Mercantile Bank Of Michigan notarize my document?

What address for Mercantile Bank Of Michigan should I put for incoming ACH transfers?

Will the Mercantile Bank Of Michigan branch print checks?

Do Mercantile Bank Of Michigan checks expire?

Does Mercantile Bank Of Michigan require US citizenship to open account?

Can Mercantile Bank Of Michigan close my account?

Does Mercantile Bank Of Michigan Report to credit bureaus?

Does Mercantile Bank Of Michigan Use Equifax?

What is Mercantile Bank Of Michigan's ACH Routing Number?

What is Mercantile Bank Of Michigan's SWIFT code?

Products

Does Mercantile Bank Of Michigan offer mortgages?

Compare mortgage rates here.

Does Mercantile Bank Of Michigan offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Mercantile Bank Of Michigan offer personal loans?

Compare personal loan rates here.

Does Mercantile Bank Of Michigan offer student loans?

Will Mercantile Bank Of Michigan cash a check?

Will Mercantile Bank Of Michigan redeem a savings bond?

Does Mercantile Bank Of Michigan cash savings bonds?

Will Mercantile Bank Of Michigan cash money orders?

Can Mercantile Bank Of Michigan issue a money order?

Does Mercantile Bank Of Michigan do currency exchange?

Background on The Bank

Who owns Mercantile Bank Of Michigan?

How long has Mercantile Bank Of Michigan been around?

Can Mercantile Bank Of Michigan transfer to other banks?

Does Mercantile Bank Of Michigan have quick pay?

Does Mercantile Bank Of Michigan accept rolled coins?

Will Mercantile Bank Of Michigan accept loose change?

Where is Mercantile Bank Of Michigan headquarters?

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