GRAND RAPIDS, Mich., April 9, 2008 (PRIME NEWSWIRE) -- At a meeting held April 8, 2008, the Board of Directors of Mercantile Bank Corporation (Nasdaq:MBWM) declared a second quarter cash dividend of $0.08 per share on the Corporation's common stock. This is a reduction of $0.07 per share from the $0.15 per share dividend declared in the first quarter of 2008. The dividend is payable on June 10, 2008 to shareholders of record as of the close of business on May 9, 2008.
Chairman, President and CEO Michael H. Price commented, "We want to maximize shareholder value, and this includes the return of capital through cash dividends. Given the current economic environment and its impact on our financial performance, however, we believe it is in the shareholders' best interests to pay a reduced second quarter cash dividend, which will enable Mercantile to conserve capital and provide it with the resources and flexibility to respond to uncertain market conditions. As always, our goal is to position the Company for strong future growth."
About Mercantile Bank Corporation
Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Headquartered in Grand Rapids, the Bank provides a wide variety of commercial banking services through its five full-service banking offices in greater Grand Rapids, and its full-service banking offices in Holland, Lansing, Ann Arbor and Oakland County, Michigan. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."
Forward-Looking Statements
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.