Mercantile Bank

#6098

Rank

$743.73M

Marketcap

United States

Country

Leadership team

Mr. Charles E. Christmas (Exec. VP, CFO & Treasurer)

Mr. Robert B. Kaminski Jr. (Pres, CEO & Director)

Mr. Raymond E. Reitsma (Exec. VP & COO)

Products/ Services

Banking, Financial Services, Personal Branding

Number of Employees

500 - 1000

Headquarters

Dhaka, Dhaka, Bangladesh

Established

1999

Company Registration

SEC CIK number: 0001042729

Net Income

20M - 100M

Revenue

100M - 500M

Traded as

MBWM

Social Media

URL

https://www.mercbank.com

Overview

Location

Recognition and Award

References

Summary

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit. The company also offers commercial and industrial loans; vacant land, land development, and residential construction loans; owner and non-owner-occupied real estate loans; multi-family and residential rental property loans; single-family residential real estate loans; home equity line of credit programs; and consumer loans, such as new and used automobile and boat loans, and credit cards, as well as overdraft protection services; and residential mortgage and instalment loans. In addition, it provides courier services and safe deposit facilities; and insurance products, such as private passenger automobile, homeowners, personal inland marine, boat owners, recreational vehicle, dwelling fire, umbrella policies, small business, and life insurance products, as well as owns 22 automated teller machines and 19 video banking machines. As of January 18, 2022, the company operated 44 banking offices. Mercantile Bank Corporation was incorporated in 1997 and is headquartered in Grand Rapids, Michigan.

History

The history of Tamilnad Mercantile Bank dates back to 1921. The idea to establish a bank for the Nadar business community was first proposed at the annual meeting of the Nadar Mahajana Sangam held at Thoothukudi in 1920.

The bank was originally registered on 11 May 1921, as Nadar Bank Limited, under the Indian Companies Act, 1913. M. V. Shanmugavel Nadar was elected as the first chairman on 4 November 1921. The bank was opened to the public by T. V. Balagurusamy Nadar on 11 November 1921 in Ana Mavanna Building at South Raja Street, Thoothukudi.In 1937, Nadar Bank opened a branch in Sri Lanka, but by 1939 it had closed it.By 1947, the bank had only four branches: Thoothukudi, Madurai, Sivakasi and Virudhunagar. The bank opened its first Indian branch outside the state of Tamil Nadu in 1976 at Bengaluru.

The first fully computerised branch was opened at WGC Road, Thoothukudi on 9 December 1984. The Bank launched its ATM Card on 11 November 2003.

On 6 September 2021, the Tamilnad Mercantile Bank filed a draft red herring prospectus with the Securities and Exchange Board of India to raise funds through an initial public offering. On 7 June 2022, the company received approval from the Securities and Exchange Board of India for its Initial public offering.

Mission

Our mission is to serve our customers, shareholders, and communities with exceptional financial service and support.

Vision

Our vision is to be a prominent and successful community bank respected for its commitment to customers, shareholders, ethical and sound business decisions.

Key Team

Mr. Jeff Kaiser (Sr. VP & Head of Risk Management Department)

Mr. Robert T. Worthington (Sr. VP, Chief Risk Officer, Gen. Counsel & Sec.)

Mr. Brett Hoover (Human Resource Director & Sr. VP)

Mr. Mark S. Augustyn (Sr. VP & Chief Lending Officer of Mercantile Bank of Michigan)

Recognition and Awards

Mercantile Bank has been recognized for excellence in customer service and financial innovation. In 2020, Mercantile Bank was named Best Financial Institution in Northern Michigan by the Best of the North Awards, as well as Bank of the Year by the Michigan Bankers Association.