GRAND RAPIDS, Mich. - Mercantile Bank Corp. will not use $25.1 million it raised in a recently completed stock offering toward acquisitions, according to Michael H. Price, the company's president and chief executive officer.
Before the stock offering, which occurred from Aug. 6 to 16, Mercantile, the $617 million-asset holding company for Mercantile Bank of Western Michigan, had discussed deals with several banks, according to documents it filed this month with the Securities and Exchange Commission.
For now, those plans are on hold, Mr. Price said.
"The recent sale of [Old Kent Financial Corp.] has left Mercantile as the largest Grand Rapids-chartered bank," he said. "We intend to use this opportunity to market ourselves to those who enjoy doing business with a local bank."