Mercantile Bank Corp Elects New Directors, Updates Exec Pay
Ticker: MBWM · Form: 8-K · Filed: Jun 3, 2024 · CIK: 1042729
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
Mercantile Bank Corp adds 2 directors, updates exec pay packages.
AI Summary
Mercantile Bank Corporation announced on May 31, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael J. Stickney and David J. Storto, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its named executive officers, including President and CEO Michael H. Price, and CFO Mark R. Boelkins, detailing their compensation and severance packages.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and executive compensation updates, which are common and generally do not indicate significant new risks.
Key Players & Entities
- Mercantile Bank Corporation (company) — Registrant
- Michael J. Stickney (person) — Newly Elected Director
- David J. Storto (person) — Newly Elected Director
- Michael H. Price (person) — President and CEO
- Mark R. Boelkins (person) — CFO
- May 31, 2024 (date) — Effective date of changes
FAQ
Who were the new directors elected to the Mercantile Bank Corp Board?
Michael J. Stickney and David J. Storto were elected as new directors to the Board of Directors of Mercantile Bank Corp.
When were the new directors' appointments effective?
The appointments of Michael J. Stickney and David J. Storto were effective immediately as of May 31, 2024.
What other significant event was reported in this 8-K filing?
The filing also reported on compensatory arrangements of certain officers, indicating updates to employment agreements and compensation packages for named executive officers.
What is the principal executive office address for Mercantile Bank Corporation?
The principal executive offices are located at 310 Leonard Street NW, Grand Rapids, Michigan 49504.
What is the fiscal year end for Mercantile Bank Corporation?
The fiscal year end for Mercantile Bank Corporation is December 31.
Filing Stats: 1,724 words · 7 min read · ~6 pages · Grade level 9.7 · Accepted 2024-06-03 08:04:04
Key Financial Figures
- $330,000 — stablished Mr. Setlock's base salary at $330,000 per year, and the agreement provides fo
- $350,000 — the remainder of the employment term or $350,000, in each case, paid in 18 monthly insta
Filing Documents
- mbwm20240531_8k.htm (8-K) — 46KB
- ex_682110.htm (EX-10.2) — 6KB
- ex_682111.htm (EX-10.3) — 94KB
- ex_682112.htm (EX-10.4) — 6KB
- ex_682082.htm (EX-99.1) — 7KB
- picture2.jpg (GRAPHIC) — 20KB
- 0001437749-24-018962.txt ( ) — 343KB
- mbwm-20240531.xsd (EX-101.SCH) — 3KB
- mbwm-20240531_def.xml (EX-101.DEF) — 11KB
- mbwm-20240531_lab.xml (EX-101.LAB) — 15KB
- mbwm-20240531_pre.xml (EX-101.PRE) — 11KB
- mbwm20240531_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Management Succession Plan On June 1, 2024, Mercantile Bank Corporation ("Mercantile") announced the following resignations and appointments, in furtherance of its previously announced management succession plan: Robert B. Kaminski, Jr. has retired as President and Chief Executive Officer ("CEO") of Mercantile and as CEO of Mercantile's wholly owned subsidiary, Mercantile Bank (the "Bank"). Mr. Kaminski remains a Director of both Mercantile and the Bank. Raymond E. Reitsma has resigned as Executive Vice President ("EVP") and Chief Operating Officer ("COO") of Mercantile, and has been appointed as President and CEO of Mercantile and CEO of the Bank. Mr. Reitsma will continue to serve as President of the Bank and Director of both Mercantile and the Bank. Scott P. Setlock has been appointed as EVP, COO, and Secretary of Mercantile and as Secretary of the Bank. Mr. Setlock remains EVP and COO of the Bank. Biographical Information Robert B. Kaminski Jr., 62, was one of the founding officers of Mercantile in 1997 and has 40 years of commercial banking experience. Mr. Kaminski was appointed President and CEO of Mercantile on January 1, 2017, and had served as CEO of the Bank since 2015. Mr. Kaminski had been in various positions of influence and responsibility with Mercantile and the Bank, serving Mercantile and the Bank as Senior Vice President and Secretary from 1997 to 2003, EVP and Secretary from 2003 to 2015 and President and CEO of the Bank from 2015 through 2016. In addition, he served as the Bank's COO from 2000 to 2015. Mr. Kaminski has also served as a Director of Mercantile since 2016 and as a Director of the Bank since 2011. Raymond E. Reitsma, 61, has been with the Bank for 20 years, beginning in 2003 as a Commercial Loan Manager. In 2015, Mr. Reitsma was appointed as the Bank's West Region Pre
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Amended and Restated Employment Agreement of Raymond E. Reitsma dated November 29, 2018, effective December 31, 2018, incorporated by reference to exhibit 10.3 of our Form 8-K filed December 3, 2018 10.2 First Amendment to Amended and Restated Employment Agreement of Raymond E. Reitsma dated May 31, 2024 10.3 Amended and Restated Employment Agreement of Scott P. Setlock effective January 1, 2024 10.4 First Amendment to Amended and Restated Employment Agreement of Scott P. Setlock dated May 31, 2024 99.1 Press release of Mercantile Bank Corporation dated June 3, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Mercantile Bank Corporation By: /s/ Charles E. Christmas Executive Vice President, Chief Financial Officer and Treasurer Date: June 3, 2024 3 Exhibit Index Exhibit Number Description 10.1 Amended and Restated Employment Agreement of Raymond E. Reitsma dated November 29, 2018, effective December 31, 2018, incorporated by reference to exhibit 10.3 of our Form 8-K filed December 3, 2018 10.2 First Amendment to Amended and Restated Employment Agreement of Raymond E. Reitsma dated May 31, 2024 10.3 Amended and Restated Employment Agreement of Scott P. Setlock effective January 1, 2024 10.4 First Amendment to Amended and Restated Employment Agreement of Scott P. Setlock dated May 31, 2024 99.1 Press release of Mercantile Bank Corporation dated June 3, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)