Mercantile Bank Corporation and Eastern Michigan Financial Corporation today jointly announced that the Federal Reserve Bank of Chicago has approved the proposed merger of Mercantile and Eastern.
As previously announced, Mercantile and Eastern entered into an Agreement and Plan of Merger, pursuant to which Eastern will merge with and into Shamrock Merger Sub LLC, a wholly-owned acquisition subsidiary of Mercantile, with the Merger Sub as the surviving entity. Immediately thereafter, Merger Sub will be merged upstream into Mercantile, with Mercantile as the surviving entity (collectively, the “Merger”). Following the Merger, Mercantile will operate for a period of time as a two-bank holding company. The newly acquired Eastern Michigan Bank will operate alongside Mercantile’s existing bank, Mercantile Bank, until the first quarter of 2027, at which time Mercantile plans to consolidate Eastern Michigan Bank into Mercantile Bank, subject to regulatory approvals from the Federal Deposit Insurance Corporation and the Michigan Department of Insurance and Financial Services.
All required regulatory approvals to complete the Mercantile-Eastern merger have now been received. Subject to Eastern shareholder approval and the satisfaction of remaining customary closing conditions set forth in the Merger Agreement, the Merger is currently expected to be completed on December 31, 2025.
“We are very pleased to have received all required regulatory approvals for our proposed merger with Eastern Michigan Financial Corporation,” said Ray Reitsma, President and CEO of Mercantile. “This important milestone allows us to move forward with our strategic combination, which we believe will deliver significant value for our shareholders, customers, employees, and the communities we serve. We look forward to completing the remaining steps in the merger process and welcoming Eastern Michigan Bank into the Mercantile family.”
Willam Oldford, President and CEO of Eastern, commented, “We share Mercantile’s enthusiasm for the opportunities this merger presents and look forward to working together to deliver enhanced products and services for our customers and communities. We appreciate the continued support of our shareholders and look forward to the upcoming shareholder meeting where our shareholders will have the opportunity to vote on the proposed merger.”
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