Mercantile Bank Corporation of Grand Rapids is expanding its footprint in Michigan with the acquisition of Eastern Michigan Financial Corporation in a deal valued at nearly 96 million dollars. The agreement, announced Tuesday, will combine Eastern’s 12-branch network with Mercantile’s existing 45 locations, significantly boosting its presence in eastern and southeastern Michigan.
Based on financials from June 30th, the merged company will have 6.7 billion dollars in assets, 4.9 billion in loans, and over 5 billion in deposits. Eastern, based in Croswell, serves Sanilac, Huron, and St. Clair counties and brings a strong, low-cost deposit base and substantial liquidity to the deal.
Mercantile Bank CEO Ray Reitsma says the merger enhances balance sheet strength and deepens the bank’s commitment to Michigan communities. Eastern Michigan Bank CEO William Oldford says the partnership allows for greater reach while preserving local values and customer trust.
Both banks were founded in Michigan and say this move is about growing locally—together.
