Mercantile Bank Corporation and Eastern Michigan Financial Corporation Announce Definitive Merger Agreement, Charting a Course for Enhanced Community Banking
Grand Rapids, MI and Rochester, MI – July 22, 2025 – Mercantile Bank Corporation (NASDAQ: MBWM) and Eastern Michigan Financial Corporation (NASDAQ: EMFC) today proudly announced the signing of a definitive merger agreement, a significant development that will unite two respected community banking institutions. This strategic combination is poised to create a stronger, more comprehensive financial services provider with an expanded footprint and enhanced capabilities to serve Michigan communities.
Under the terms of the agreement, Mercantile Bank Corporation will acquire Eastern Michigan Financial Corporation in a transaction valued at approximately $161.3 million. The merger, which has been unanimously approved by the Boards of Directors of both companies, is anticipated to be completed in the first quarter of 2026, subject to customary closing conditions, including the approval of Eastern Michigan Financial Corporation’s shareholders and regulatory approvals.
This union brings together two organizations with a shared commitment to exceptional customer service, deep community roots, and a strong understanding of the local economic landscape. Mercantile Bank Corporation, with its established presence and robust financial strength, will welcome Eastern Michigan Financial Corporation’s valued customers and dedicated team members. The combined entity will leverage the strengths of both organizations to offer an even wider array of banking products and services, from commercial and retail banking to wealth management and treasury management solutions.
“We are thrilled to announce this strategic partnership with Eastern Michigan Financial Corporation, a company that shares our dedication to community banking and client success,” said Michael L. Price, President and CEO of Mercantile Bank Corporation. “This merger represents a significant opportunity to expand our reach across Michigan, bringing our client-focused approach and comprehensive financial solutions to new markets and deepening our relationships in existing ones. We are confident that by joining forces, we will create a more valuable and competitive institution that benefits our customers, employees, and shareholders.”
The acquisition is expected to yield substantial benefits for both institutions and their stakeholders. For customers, this means access to a broader network of branches, an enhanced digital banking platform, and a wider range of sophisticated financial tools and expertise. For employees, the merger offers opportunities for professional growth and development within a larger, more dynamic organization. Shareholders can look forward to a more diversified and robust financial institution with greater potential for sustained growth and profitability.
“This merger is a natural and exciting step forward for Eastern Michigan Financial Corporation,” commented Robert L. Schultze, President and CEO of Eastern Michigan Financial Corporation. “We have long admired Mercantile Bank Corporation’s strong reputation and commitment to its communities. By combining our complementary strengths, we will be able to offer our customers an even greater level of service and a more extensive suite of financial products. We believe this partnership will create significant value for all of our stakeholders and position us for continued success in the evolving financial landscape.”
The combined organization will operate under the Mercantile Bank brand, with its headquarters remaining in Grand Rapids, Michigan. The integration process will be carefully managed to ensure a seamless transition for customers and employees, with a focus on preserving the strong community relationships that have been central to the success of both Mercantile Bank and Eastern Michigan Financial Corporation.
This strategic combination marks a significant milestone for both Mercantile Bank Corporation and Eastern Michigan Financial Corporation, underscoring their shared vision for the future of community banking in Michigan. The merger is anticipated to be a mutually beneficial endeavor, fostering growth and enhancing the delivery of essential financial services to the communities they proudly serve.
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