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  2. Mercantile Bank of Michigan

Mercantile Bank of Michigan


Popular Accounts at this Bank

APYACCOUNT TYPEACCOUNT NAME
1.80%5-year CD60 Month CD
2.40% - Goldman Sachs Bank USA 5 Year CD
0.65%1-year CD12 Month CD
1.50% - Goldman Sachs Bank USA 12 Month CD
0.10%SavingsCommunity Savings
1.20% - Goldman Sachs Bank USA Online Savings
View all Mercantile Bank of Michigan rates ยป

Overview / Commentary
mercbank.com
616-406-3604
310 Leonard Street Nw
Grand Rapids, MI 49504

Mercantile Bank of Michigan is headquartered in Grand Rapids and is the 3rd largest bank in the state of Michigan. It is also the 305th largest bank in the nation. It was established in 1997 and as of June of 2017, it had grown to 643 employees at 51 locations. Mercantile Bank of Michigan has an A+ health rating.

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Reviews (1)

A nice small bank with personal service

Posted by: RandyS | Jul 27, 2016

Not only are the workers in this bank very friendly to me but they remember me, even though I don't come in frequently.

One time I had an issue with a large check that I needed to deposit and things got off to a rough start when they refused to take the check because the amount was so large. After speaking with the branch manager she was willing to work with me and deposit the check. I did have to wait seven days for my funds to become fully available but the process was clearly explained to me and everything was resolved to my satisfaction. I do admit that when things became difficult at the initial refusal that I was fairly irritated by it. I was concerned how a bank could refuse to take a check that was good. There was a hang up between the bank that the check was written on and my bank with some finger pointing as to whether the other bank was providing sufficient information to my bank to deposit the check but since it all worked out in the end I am willing to look past that. I have been a customer of this bank for over three years now and am very happy with their service outside of this one incident. I really feel like they care about me as a customer.

1


Health
A+

Data as of Q2 2017

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #34598
Year Established1997
Employees643
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.11%
Return on Equity - YTD9.15%
Annual Interest Income$59.6MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$3.12B$2.98B
LoansQ2 2017vs Q2 2016$2.51B$2.36B
DepositsQ2 2017vs Q2 2016$2.38B$2.28B
Equity CapitalQ2 2017vs Q2 2016$378.9MM$372.3MM
Loan Loss AllowanceQ2 2017vs Q2 2016$18.3MM$17.1MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$6.9MM$7.2MM
Real Estate OwnedQ2 2017vs Q2 2016$789.00K$815.00K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Mercantile Bank of Michigan Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.20%*$15k*-HSA Checking
OTHER TIERS: 0.05% → Up to $5k | 0.10% → $5k - $15k
0.15%*$100k*-IRA Saving
OTHER TIERS: 0.05% → Up to $25k | 0.10% → $25k - $100k
0.15%--MercClub Savings
0.10%--Community Savings
0.10%--Student Savings

Mercantile Bank of Michigan Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%*$100k*-Personal Money Market
OTHER TIERS: 0.10% → Up to $25k | 0.20% → $25k - $100k

Mercantile Bank of Michigan Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%*$25k*-High Yield Checking
OTHER TIERS: 0.05% → $2,500 - $25k
0.05%$1k-Interest Checking

Mercantile Bank of Michigan CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%$100k-60 Months Jumbo CD
1.80%$500-60 Month CD
1.80%$500-60 Month HSA CD
1.50%$500-28 Month Flex CD
1.45%$100k-48 - 59 Months Jumbo CD
1.40%$500-48 Month CD
1.40%$500-48 Month HSA CD
1.35%$100k-36 - 47 Months Jumbo CD
1.30%$500-36 Month CD
1.30%$500-36 Month HSA CD
1.00%$25$95k35 Month Add-To CD
0.85%$100k-24 - 35 Months Jumbo CD
0.80%$500-24 Month CD
0.80%$500-24 Month HSA CD
0.75%$100k-13 - 23 Months Jumbo CD
0.70%$500-18 Month CD
0.70%$500-18 Month HSA CD
0.70%$100k-270 - 365 Days Jumbo CD
0.65%$500-12 Month CD
0.65%$500-12 Month HSA CD
0.30%$100k-180 - 269 Days Jumbo CD
0.20%$500-6 Month CD
0.20%$500-6 Month HSA CD
0.20%$100k-60 - 89 Days Jumbo CD
0.20%$100k-90 - 179 Days Jumbo CD
0.15%$500-3 Month CD
0.15%$500-3 Month HSA CD
0.15%$100k-30 - 59 Days Jumbo CD
0.10%$500-1 Month CD
0.10%$500-1 Month HSA CD
0.10%$100k-14 - 29 Days Jumbo CD

Mercantile Bank of Michigan IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%$100k-60 Months Jumbo IRA
1.80%$500-60 Month IRA
1.45%$100k-48 - 59 Months Jumbo IRA
1.40%$500-48 Month IRA
1.35%$100k-36 - 47 Months Jumbo IRA
1.30%$500-36 Month IRA
0.85%$100k-24 - 35 Months Jumbo IRA
0.80%$500-24 Month IRA
0.75%$100k-13 - 23 Months Jumbo IRA
0.70%$500-18 Month IRA
0.70%$100k-270 - 365 Days Jumbo IRA
0.65%$500-12 Month IRA
0.30%$100k-180 - 269 Days Jumbo IRA
0.20%$500-6 Month IRA
0.20%$100k-60 - 89 Days Jumbo IRA
0.20%$100k-90 - 179 Days Jumbo IRA
0.15%$500-3 Month IRA
0.15%$100k-30 - 59 Days Jumbo IRA
0.10%$500-1 Month IRA
0.10%$100k-14 - 29 Days Jumbo IRA
Locations

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