Mercantile Bank Corporation · Grand Rapids, MI United States ·(NASDAQ (GS): MBWM)
Company Description
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This link will open in a new window Mercantile Bank Corporation is the holding company for Mercantile Bank of Michigan (formerly Mercantile Bank of West Michigan), which operates branches in and around Grand Rapids, as well as the college town of East Lansing. (The latter was the community bank's first foray outside the western part of Michigan, prompting the name change in 2005.) The bank targets local consumers and businesses, offering standard retail banking services such as checking and savings accounts, NOW and money market accounts, and CDs. Loans for real estate secured by nonresidential properties make up almost half of the company's loan portfolio; business loans are more than a quarter. To read the full description, subscribe now.
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Key Mercantile Bank Corporation Financials
| Company Type | Public - NASDAQ (GS): MBWM Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $53.5 |
| 2008 Employees | 340 |
Mercantile Bank Corporation Executives
32 executives listed for Mercantile Bank Corporation's Grand Rapids, MI location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO; Chairman and CEO, Mercantile Bank | Michael Price | Network |
| EVP, COO, and Secretary; President, COO, and Secretary, Mercantile Bank | Robert Kaminski | Network |
| SVP, CFO, and Treasurer; SVP and CFO, Mercantile Bank | Charles Christmas | Network |
Competition
Competitive Landscape for Mercantile Bank Corporation
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Mercantile Bank Corporation Competitors
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