Mercantile Bank closes merger with Eastern Michigan Financial for $32.32/share + 0.7116 shares

MERCANTILE BANK CORP

Merger completed Dec 31, 2025; Eastern shareholders get $32.32 + 0.7116 MBWM shares per share.
Entered $30M term loan with U.S. Bank to fund purchase price and expenses; matures Dec 24, 2028.
Steve Schweihofer appointed to board, increasing size to 12, effective Dec 31, 2025.
Eastern Michigan Bank to operate separately until Q1 2027, then consolidate into Mercantile Bank.
Credit agreement includes financial covenants: NPAs/OREO to tangible capital ≤12%, ROAA ≥0.80%.

item 1.01 item 2.03 item 3.03 item 5.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MERCANTILE BANK CORP incurred term loan of $30.0 million with U.S. Bank National Association at 1.70% plus the greater of (a) zero percent (0.0%) and (b) the one-month forward- maturing December 24, 2028.

Instrument: term loan
Principal: $30.0 million
Counterparty: U.S. Bank National Association
Rate: 1.70% plus the greater of (a) zero percent (0.0%) and (b) the one-month forward-
Maturity: December 24, 2028
Event: incurrence

Exact text from the filing

On December 24, 2025, Mercantile Bank Corporation, a Michigan corporation (“Mercantile”) entered into a Credit Agreement (the “Credit Agreement”) with U.S. Bank National Association, a national banking association. The Credit Agreement is for a $30.0 million term loan to fund the purchase price and related expenses of the Merger (defined below) and for working capital purposes. The term loan bears interest at an annual rate equal to 1.70% plus the greater of (a) zero percent (0.0%) and (b) the one-month forward-looking term rate based on SOFR. Interest and principal are payable beginning March 15, 2026, and on the same date of each third month thereafter, plus a final payment equal to all unpaid interest and principal. Principal shall be paid in installments of $2.5 million each. The term loan matures on December 24, 2028.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MERCANTILE BANK CORP entered into Credit Agreement with U.S. Bank National Association valued at $30.0 million (effective 2025-12-24).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank National Association
Value: $30.0 million
Effective: 2025-12-24

Exact text from the filing

On December 24, 2025, Mercantile Bank Corporation, a Michigan corporation (“Mercantile”) entered into a Credit Agreement (the “Credit Agreement”) with U.S. Bank National Association, a national banking association. The Credit Agreement is for a $30.0 million term loan to fund the purchase price and related expenses of the Merger (defined below) and for working capital purposes.

View on SEC.gov

307 debt financings filed in the last 30 days. Browse all debt financings →

MERCANTILE BANK CORP filing history →

Source: SEC EDGAR

accession 0001437749-25-039072

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