Exhibit 99.1
(MERCANTILE BANK CORPORATION LOGO)
FOR FURTHER INFORMATION:
AT MERCANTILE BANK CORPORATION: FOR MEDIA:
Gerald R. Johnson, Jr. Charles Christmas Linda Margolin
Chairman & CEO Chief Financial Officer Margolin & Associates, Inc.
616-406-3700 616-406-3750 216-765-0953
gjohnson@mercbank.com cchristmas@mercbank.com lmm@margolinIR.com
MERCANTILE BANK CORPORATION DECLARES A 5% STOCK DIVIDEND
WYOMING, MICH., April 8 -- At a meeting held April 7, 2004, the Board of
Directors of Mercantile Bank Corporation (Nasdaq: MBWM), a rapidly growing
community banking organization, declared a five percent stock dividend payable
on May 3, 2004 to shareholders of record as of the close of business on April
16, 2004. The stock dividend will increase shares outstanding to approximately
7,168,550.
Gerald R. Johnson, Mercantile's Chairman and CEO, stated, "We are pleased to
reward shareholders with our fourth annual 5% stock dividend, in addition to the
cash dividend we announced earlier today. We believe this dividend will provide
increased stock liquidity, consistent with our goal to maximize the value of our
shareholders' investment in Mercantile, without imposing a capital burden on our
ability to grow."
About Mercantile Bank Corporation
Mercantile Bank Corporation is the bank holding company for Mercantile Bank of
West Michigan. The Bank's primary service area is the Kent and Ottawa County
area of West Michigan, which includes the City of Grand Rapids, the
second-largest city in the State of Michigan. The Bank provides a wide variety
of commercial banking services primarily to businesses, individuals, and
governmental units through its five full-service offices in greater Grand
Rapids, and its Holland, Michigan, office located thirty miles southwest of
Grand Rapids. Mercantile Bank Corporation's common stock is listed on the Nasdaq
National Market under the symbol "MBWM."
Forward-Looking Statements
This news release contains comments or information that constitute
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995)
that are based on current expectations that involve a number of risks and
uncertainties. Actual results may differ materially from the results expressed
in forward-looking statements. Factors that might cause such a difference
include changes in interest rates and interest rate relationships; demand for
products and services; the degree of competition by traditional and
non-traditional competitors; changes in banking regulation; changes in tax laws;
changes in prices, levies, and assessments; the impact of technological
advances; governmental and regulatory policy changes; the outcomes of
contingencies; trends in customer behavior as well as their ability to repay
loans; changes in the national and local economy; and other factors, including
risk factors, referred to from time to time in filings made by Mercantile with
the Securities and Exchange Commission. Mercantile undertakes no obligation to
update or clarify forward-looking statements, whether as a result of new
information, future events or otherwise.
EARNINGS PER SHARE - 5% STOCK DIVIDEND IMPACT
3 Mos. Ended 3 Mos. Ended
3/31/04 3/31/03
------- -------
(Unaudited) (Unaudited)
BEFORE 5% STOCK DIVIDEND
Net income $2,973,000 $2,233,000
Basic income per share $ 0.44 $ 0.41
Diluted income per share $ 0.43 $ 0.40
Average shares outstanding 6,818,067 5,412,521
Average diluted shares outstanding 6,965,835 5,535,167
AFTER 5% STOCK DIVIDEND
Net income $2,973,000 $2,233,000
Basic income per share $ 0.42 $ 0.39
Diluted income per share $ 0.41 $ 0.38
Average shares outstanding 7,158,970 5,683,147
Average diluted shares outstanding 7,314,126 5,811,925