Mercantile Bank
Grand Rapids, Michigan, Kent County
$6.2B in total assets, the 249th largest of 4,309 US banks and 3rd of 74 headquartered in Michigan.
- FDIC certificate
- 34598
- Established
- 1997
- Owned by
- Mercantile Bank Corp
- Primary regulator
- FDIC
- Website
- www.mercbank.com
At a glance
Compared with 17 banks headquartered in Michigan with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $6.2B | 88% | $1.5B | |
| Loans | $4.8B | 88% | $1.2B | |
| Deposits | $4.9B | 88% | $1.3B | |
| Return on assets | 1.63% | 82% | 1.26% | |
| Net interest margin | 3.57% | 18% | 3.81% | |
| Efficiency ratio | 54.9% | 29% | 62.4% | |
| Equity to assets | 11.72% | 88% | 9.26% | |
| Loans to deposits | 96% | 59% | 92% |
Growth
Total assets grew 5.7% a year over the last 5 years and 7.7% a year over 10 years, without acquisitions.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Jun 2014 | Firstbank Mt. Pleasant, MI | $1.2B |
| Jun 2014 | Keystone Community Bank Kalamazoo, MI | $250M |
Where they operate
40 branches in 21 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Kent County, MI | $2.1B | 8.1% | 5 of 24 |
| Kalamazoo County, MI | $488M | 10.6% | 4 of 13 |
| Isabella County, MI | $345M | 24.7% | 2 of 5 |
| Ingham County, MI | $272M | 2.7% | 9 of 17 |
| Ionia County, MI | $245M | 31.5% | 2 of 5 |
| Gratiot County, MI | $233M | 31.9% | 2 of 4 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net loss of 15 branches since 2016 (55 to 40, −27.3%). 9 opened, 0 acquired, 24 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 55 | |||
| 2016 | Closed 6 in Michigan | 0 | 6 | −6 | 49 |
| 2017 | Opened Troy | 1 | 0 | +1 | 50 |
| 2018 | Opened PortageClosed 4 in Michigan | 1 | 4 | −3 | 47 |
| 2019 | Opened Grand RapidsClosed 4 in Michigan | 1 | 4 | −3 | 44 |
| 2020 | Closed 4 in Michigan | 0 | 4 | −4 | 40 |
| 2021 | Opened Holland and PetoskyClosed Holland | 2 | 1 | +1 | 41 |
| 2023 | Opened 4 in MichiganClosed 3 in Michigan | 4 | 3 | +1 | 42 |
| 2024 | Closed Canadian Lakes | 0 | 1 | −1 | 41 |
| 2025 | Closed Saginaw | 0 | 1 | −1 | 40 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Commercial real estate | 36% | 31% | |
| Business (C&I) | 25% | 13% | |
| 1-4 family residential | 18% | 37% | |
| Construction and land | 9% | 5% | |
| Multifamily | 7% | 4% | |
| Consumer | 0% | 3% | |
| Farmland | 0% | 1% | |
| Other | 6% | 6% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 57% | 50% | |
| Noninterest-bearing | 26% | 22% | |
| Time deposits | 17% | 28% |
Brokered deposits are 0.4% of deposits (peers 11.1%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.10% | 0.76% |
| Net charge-offs, annualized | -0.03% | 0.03% |
| Reserves to loans | 1.12% | 1.11% |
| Leverage ratio | 11.61% | 9.34% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Michigan
Largest competitors in Kent County, MI
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/mercantile