| Business Summary | | Mercantile
Bank
Corporation,
a
bank
holding
company,
was
organized
primarily
for
the
purpose
of
holding
all
of
the
stock
of
Mercantile
Bank
of
West
Michigan,
and
of
such
other
subsidiaries
as
Mercantile
may
acquire
or
establish.
MBWM
Capital
Trust
I,
a
wholly
owned
business
trust
subsidiary
of
Mercantile,
was
formed
for
the
specific
purpose
of
issuing
9.6%
cumulative
preferred
securities.
Mercantile
Bank
Mortgage
Company,
another
wholly
owned
subsidiary
of
the
Bank,
initiated
business
for
the
purpose
of
increasing
the
profitability
and
efficiency
of
the
Bank's
mortgage
loan
function. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Mercantile
Bank
Corporation
is
a
bank
holding
company
for
Mercantile
Bank
of
West
Michigan,
a
state
chartered
bank.
For
six
months
ended
6/30/01,
interest
income
rose
31%
to
$21.9
million.
Net
interest
income
after
loan
loss
provision
rose
23%
to
$6
million.
Net
income
rose
48%
to
$1.7
million.
Net
interest
income
reflects
growth
in
loans
and
investment
securities,
partially
offset
by
lower
net
interest
margins.
Earnings
reflect
gains
on
sale
of
securities
and
higher
mortgage
fees. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Gerald Johnson, Jr., 54 Chairman
and CEO | $349K | Michael Price, 44 Pres,
COO | 308K | Charles Christmas, 35 CFO,
Sr. VP, Treasurer | -- | Robert Kaminski, 39 Sr.
VP and Sec. | 142K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|