Mercantile Bank Corporation Raises Additional $15 Million Of Subordinated Notes
Amount Raised
$15 Million
Round Type
Debt Financing
Grand RapidsFinancial ServicesFinanceFintechLendingBankingDescription
Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile" or the "Company") today announced that it has issued an additional $15 million of its 3.25% fixed-to-floating rate subordinated notes due 2032 (the "Notes") in a private placement. The offering is an expansion of the $75 million offering completed December 15, 2021 and was completed on the same terms as the prior offering and under the existing Indenture. The Notes bear a fixed rate of 3.25% for the first five years and will reset quarterly thereafter to the then current three-month SOFR rate plus 212 basis points. The Company intends to use the net proceeds from the offering for general corporate purposes.
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