Mercantile Bank Corporation’s subsidiary bank Mercantile Bank of Michigan announced that it has formed The Mercantile Bank Foundation, a private charitable foundation to fund and administer Mercantile Bank’s charitable giving activities.
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In conjunction with the formation, Mercantile Bank is making a $4.0 million initial capital contribution, which will be recorded as noninterest expense during the fourth quarter of 2021. Additional capital contributions are expected in future periods, depending on Mercantile Bank’s operating performance, financial condition and other considerations.
Mercantile Bank has donated over $1.6 million during the past two calendar years in support of nonprofit organizations throughout the communities it serves, and The Mercantile Bank Foundation is eventually expected to make all of Mercantile Bank’s 501(c)(3) donations in the future.
“We are very excited to form and initially fund The Mercantile Bank Foundation to enhance our charitable giving program as we work to support all of the communitites within our markets, and to provide a consistent level of giving thoughout the business cycle,” said Raymond E. Reitsma, President of Mercantile Bank. “Importantly, our commitment to making a positive difference extends beyond donations, including community development lending, thousands of employee volunteer hours for hundreds of nonprofit organizations, financial education classes and other initiatives that will continue alongside the work of the new charitable foundation.”
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