By Wendy Van Sickle
Columbus, Ohio, Dec. 15 – Mercantile Bank Corp. priced $75 million of 3.25% fixed-to-floating rate subordinated notes due 2031 in a private placement, according to a news release.
The coupon will be fixed for five years and then will float at rate equal to SOFR plus 212 basis points.
The notes become callable in whole or in part after five years.
Raymond James & Associates, Inc. was the placement agent.
Proceeds will be used for general corporate purposes.
Based in Grand Rapids, Mich., Mercantile Bank Corp. is the bank holding company for Mercantile Bank of Michigan.
| Issuer: | Mercantile Bank Corp.
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| Amount: | $75 million
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| Issue: | Fixed-to-floating rate subordinated notes
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| Maturity: | Dec. 15, 2031
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| Placement agent: | Raymond James & Associates, Inc.
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| Coupon: | 3.25% for five years, then SOFR plus 212 bps
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| Call option: | In whole or in part after five years
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| Announcement date: | Dec. 15
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| Distribution: | Private placement
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