---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-022571"
form_type: "8-K"
ticker: "MBWM"
cik: "0001042729"
company_name: "MERCANTILE BANK CORP"
filed_at: "2024-07-11T23:59:59+00:00"
generated_at: "2026-05-31T21:39:56.098910+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

# Mercantile Bank adopts 2024 executive bonus plan with $1.14M target pool

## Summary
- Target bonus pool $1,137,897; maximum $1,706,845 based on six performance metrics.
- Metrics: EPS (25% weight), ROA (12.5%), NIM (12.5%), efficiency ratio (12.5%), NPA (12.5%), loans-to-deposits (25%).
- Named executives: CEO Reitsma, CFO Christmas, COO Setlock, CHRO Hoover, retired CEO Kaminski, and two other officers.
- CEO target bonus 60% of salary (max 90%); CFO target 40% (max 60%); retired CEO target 55% (max 82.5%).
- Bonuses earned under plan to be paid on or before March 15, 2025; subject to clawback provisions.

## SEC filing metadata
- accession: 0001437749-24-022571
- form_type: 8-K
- ticker: MBWM
- cik: 0001042729
- company_name: MERCANTILE BANK CORP
- filed_at: 2024-07-11T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042729/000143774924022571/0001437749-24-022571-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042729/000143774924022571/mbwm20240709_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-022571
- JSON: https://secwatch.observer/filing/0001437749-24-022571.json
- Plain text: https://secwatch.observer/filing/0001437749-24-022571.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.