Mercantile Bank of Michigan
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.80% | 5-year CD | 60 Month CD 2.40% - Goldman Sachs Bank USA 5 Year CD |
| 0.65% | 1-year CD | 12 Month CD |
| 0.10% | Savings | Community Savings |
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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A nice small bank with personal service
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.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34598 |
| Year Established | 1997 |
| Employees | 643 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.11% |
| Return on Equity - YTD | 9.15% |
| Annual Interest Income | $59.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2017vs Q2 2016 | $3.12B$2.98B |
| Loans | Q2 2017vs Q2 2016 | $2.51B$2.36B |
| Deposits | Q2 2017vs Q2 2016 | $2.38B$2.28B |
| Equity Capital | Q2 2017vs Q2 2016 | $378.9MM$372.3MM |
| Loan Loss Allowance | Q2 2017vs Q2 2016 | $18.3MM$17.1MM |
| Unbacked Noncurrent Loans | Q2 2017vs Q2 2016 | $6.9MM$7.2MM |
| Real Estate Owned | Q2 2017vs Q2 2016 | $789.00K$815.00K |
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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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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 | $95k | 35 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
| APY | MIN | MAX | ACCOUNT NAME | VIEW 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 |
