Mercantile Bancorp in Michigan begins charitable basis

Mercantile Bancorp in Grand Rapids, Michigan, has fashioned a basis to handle its charitable giving.

Mercantile, father or mother of the Mercantile Financial institution of Michigan, is endowing the inspiration with a $4 million preliminary contribution, which shall be reported as a noninterest expense on the corporate’s fourth-quarter earnings report.

Mercantile donated a complete of $1.6 million in 2020 and 2021. It plans to route future bequests by means of the inspiration.

“We’re very excited to type and initially fund The Mercantile Financial institution Basis to reinforce our charitable giving program as we work to assist the entire communities inside our markets,” Raymond Reitsma, president of Mercantile Financial institution, mentioned in a press launch Thursday.

The creation of the charitable basis got here two weeks after the financial institution issued $75 million in subordinated debt. Mercantile mentioned it deliberate to make use of the proceeds for common company functions, together with funding business mortgage development.

Based in December 1997 as Mercantile Financial institution of West Michigan, the financial institution adopted its present model in 2005 and has grown to change into Michigan’s largest group financial institution, with 44 branches and $5 billion of belongings.

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