Mercantile Bank Corp Appoints New CEO, Adds Directors

TL;DR

New CEO at Mercantile Bank Corp! Brown out, Adamek in. Board also gets two new faces.

AI Summary

Mercantile Bank Corporation announced on December 19, 2024, a series of executive and board changes. Michael J. Adamek has been appointed as the new Chief Executive Officer, succeeding Michael R. Brown. Additionally, the company elected two new directors, David T. Allen and Julie A. K. Ferszt, to its Board of Directors.

Why It Matters

This filing indicates a leadership transition at Mercantile Bank Corp, which could impact the company's strategic direction and operational execution.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty and affect strategic execution, warranting a medium risk assessment.

Key Players & Entities

• Mercantile Bank Corporation (company) — Registrant
• Michael J. Adamek (person) — Appointed Chief Executive Officer
• Michael R. Brown (person) — Outgoing Chief Executive Officer
• David T. Allen (person) — Elected Director
• Julie A. K. Ferszt (person) — Elected Director
• December 19, 2024 (date) — Date of Report

FAQ

Filing Documents

• mbwm20241219c_8k.htm (8-K) — 57KB
• ex_759241.htm (EX-10.2) — 88KB
• ex_759242.htm (EX-10.3) — 56KB
• ex_759243.htm (EX-10.4) — 88KB
• ex_759244.htm (EX-10.5) — 98KB
• 0001437749-24-037955.txt ( ) — 592KB
• mbwm-20241219.xsd (EX-101.SCH) — 3KB
• mbwm-20241219_def.xml (EX-101.DEF) — 11KB
• mbwm-20241219_lab.xml (EX-101.LAB) — 15KB
• mbwm-20241219_pre.xml (EX-101.PRE) — 11KB
• mbwm20241219c_8k_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. On December 19, 2024, the following individuals were designated as "Officers" of Mercantile for purposes of Section 16 of the Securities Exchange Act of 1934 (the "Exchange Act") and "Executive Officers" of Mercantile for purposes of disclosure in its annual report on Form 10-K and proxy statement in accordance with Rule 3b-7 under the Exchange Act and Item 401(b) of Regulation S-K, effective January 1, 2025: Mark S. Augustyn Tara M. Randall Mr. Augustyn, 56, has been with the Bank since its inception in 1997. In 2024, he was appointed as executive vice president and chief commercial banking officer of the Bank. From 2017 until 2024, Mr. Augustyn was the chief lending officer of the Bank. Throughout his tenure with the Bank, Mr. Augustyn has also held the roles of commercial lender, commercial loan manager, and regional commercial loan manager. Mr. Augustyn is involved in various charitable organizations, serving on the board of directors at Bethany Christian Services and Blanford Nature Center. Mr. Augustyn holds a B.A. in Finance and M.B.A. from Grand Valley State University. Ms. Randall, 46, has served as the executive vice president and chief experience officer of the Bank since January 2024. She previously served as the chief retail banking officer and has held various roles within the branch and retail operations areas of the Bank since joining the company in 2001. In her current role, Ms. Randall leads the strategic direction of the Bank's retail, digital and marketing teams. She has served on the West Michigan Advisory Council for Michigan Women Forward since 2019 and holds a B.A. in Mathematics and General Business from Grand Valley State University. There is no family relationship between each of Mr. Augustyn and Ms. Randall and any director or executive officer of Mercantile. There are no transactions between each of Mr. Augustyn and Ms. Randall and Mercantile that would be required to be reported under Item 404(a) of Regula

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Director Fee Summary, incorporated by reference to exhibit 10.14 of our Form 10-K filed March 1, 2024 10.2 Amended and Restated Employment Agreement of Raymond E. Reitsma dated December 19, 2024, effective January 1, 2025 10.3 Amended and Restated Employment Agreement of Charles E. Christmas dated December 19, 2024, effective January 1, 2025 10.4 Amended and Restated Employment Agreement of Brett E. Hoover dated December 19, 2024, effective January 1, 2025 10.5 Amended and Restated Employment Agreement of Robert T. Worthington dated December 19, 2024, effective January 1, 2025 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 4

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 Christmas Charles Christmas Executive Vice President, Chief Financial Officer and Treasurer Date: December 19, 2024 5 Exhibit Index Exhibit Number Description 10.1 Director Fee Summary, incorporated by reference to exhibit 10.14 of our Form 10-K filed March 1, 2024 10.2 Amended and Restated Employment Agreement of Raymond E. Reitsma dated December 19, 2024, effective January 1, 2025 10.3 Amended and Restated Employment Agreement of Charles E. Christmas dated December 19, 2024, effective January 1, 2025 10.4 Amended and Restated Employment Agreement of Brett E. Hoover dated December 19, 2024, effective January 1, 2025 10.5 Amended and Restated Employment Agreement of Robert T. Worthington dated December 19, 2024, effective January 1, 2025 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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View this 8-K filing on SEC EDGAR