GRAND RAPIDS, Mich. (WOOD) - Mercantile Bank and Firstbank announced Thursday they will merge to create the third-largest bank based in Michigan.
It will operate under the Mercantile name and remain headquartered at the current Mercantile building in downtown Grand Rapids.
Following the merger, the bank will have a total of $2.4 billion in deposits and $2.9 billion in assets, as well as offer 53 branches statewide.
Mercantile shareholders will own approximately 52% of the stock in the combined company. Firstbank shareholders will own approximately 48%.
The companies expect to complete the merger by the end of the year. Mike Price, CEO of Mercantile, said that customers won't notice any disruptions during the transition.
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