Mercantile Bank issues additional $15M of 3.25% subordinated notes due 2032

MERCANTILE BANK CORP

Raised $15M additional subordinated notes, increasing total issuance to $90M from $75M.
Notes bear fixed 3.25% for first 5 years, then float at SOFR +212 bps; mature 2032.
Net proceeds for general corporate purposes, including supporting organic loan growth.
Raymond James & Associates acted as sole placement agent for the offering.

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