Michigan's Mercantile strikes deal for deposit-rich seller

Shumaker $95M Merger Sparks Major Michigan Bank Shakeup - USA Herald

In a bold stride toward regional expansion, Mercantile Bank Corp. and Eastern Michigan Financial Corp. announced Tuesday they’ve inked a definitive merger agreement in a cash-and-stock transaction valued at approximately $95.8 million. The deal—advised by Dickinson Wright PLLC and Shumaker Loop & Kendrick LLP—will see Eastern Michigan Financial and its wholly owned banking subsidiary absorbed Shumaker $95M Merger sees Mercantile Bank acquire East

Mercantile Bank Corporation and Eastern Michigan Financial Corporation Announce Definitive Merger Agreement

Mercantile Bank Corporation and Eastern Michigan Financial Corporation (EFIN) jointly announced Tuesday, July 22, that they have entered into a definitive merger agreement pursuant to which EFIN and its wholly owned subsidiary, Eastern Michigan Bank (“Eastern”), will combine with Mercantile in a cash and stock transaction valued at approximately $95.8 million. Based on financial data as of June 30, 2025, the combined company will have total asse…

Eastern Michigan Bank Acquired by Mercantile Bank

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.

Michigan's Mercantile strikes deal for deposit-rich seller

Eastern Financial Corp. provides a rich source of low-cost deposits that the larger Mercantile Bancorp can put to work in funding its much stronger loan growth.

Mercantile Bank to buy Eastern Michigan Bank in $95.8M deal

Mercantile Bank Corp. is extending further into the east side of the state with the acquisition of a community bank in the Thumb Area.  The Grand Rapids-based Mercantile Bank will pay $95.8 million in cash and stock for Eastern Michigan Financial Corp., the Croswell-based parent corporation of Eastern Michigan Bank that... Please login to read all 888 words.