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Mercantile Bank Corp. (MBWM) said that pursuant to final regulatory approval of its merger with Firstbank Corporation (FBMI), on May 9, 2014 its Board of Directors declared a special cash dividend of $2.00 per common share, payable May 29, 2014 to holders of record as of May 22, 2014.
Mercantile Bank also announced today that on May 9, 2014 its Board of Directors declared a quarterly cash dividend of $0.12 per common share, payable June 25, 2014 to holders of record as of June 13, 2014. As the record and payable dates fall after June 1, which is the planned effective date of the merger between Mercantile Bank Corporation and Firstbank Corporation, shareholders of the combined company on the record date will receive the dividend.
Mercantile noted that, due to the timing of the merger, the company’s dividend reinvestment plan will remain suspended through June 25, 2014, but the company intends to make the plan available for future quarterly cash dividend payments.