Mercantile Bank announced it has completed its previously announced merger with Eastern Michigan Financial Corporation, combining two Michigan-based financial institutions with a stated focus on serving local households, businesses, and communities.
Under the integration plan, the newly acquired Eastern Michigan Bank will continue operating alongside Mercantile’s existing bank subsidiary, Mercantile Bank, until the first quarter of 2027. At that time, Mercantile intends to consolidate Eastern Michigan Bank into Mercantile Bank, subject to regulatory approvals from the Federal Deposit Insurance Corporation and the Michigan Department of Insurance and Financial Services. The company said the multi-year structure is intended to support a smooth transition for customers and employees while capturing benefits from the combined organization.
As part of the transaction consideration, Eastern shareholders are entitled to receive $32.32 per share and 0.7116 shares of Mercantile common stock for each share of Eastern common stock.
Mercantile, based in Grand Rapids, said that following the merger, it is now the bank holding company for Mercantile Bank and, effective December 31, 2025, Eastern Michigan Bank. The combined organization is expected to have approximately $6.9 billion in total assets, positioning it among the larger Michigan-based banking groups.
KEY QUOTE:
“Completing this merger is an exciting moment for both of our organizations. We are thrilled to welcome Eastern into the Mercantile family. By joining forces, we are better equipped to support local businesses, invest in our neighborhoods, and offer innovative financial solutions tailored to Michigan’s unique needs. I am especially excited for the opportunity to enter the Eastern Michigan market and bring our personalized approach to even more communities.”
Raymond Reitsma, President And CEO, Mercantile Bank
