mbwm20151022_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

  

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported): October 27, 2015

 

Mercantile Bank Corporation

(Exact name of registrant as specified in its charter)

 

Michigan

000-26719

38-3360865 

(State or other jurisdiction of incorporation)  

(Commission File Number) 

(IRS Employer Identification Number)

  

310 Leonard Street NW, Grand Rapids, Michigan

49504 

(Address of principal executive offices)

(Zip Code)

 

Registrant's telephone number, including area code 

616-406-3000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 
 
 

 

Item 2.05     Costs Associated with Exit or Disposal Activities.

 

On October 27, 2015, we approved a cost efficiency program that will include the closing of five branches during the first quarter of 2016 and staff reductions. The branches to be closed are Ashley, St. Louis (MI), Gull Road in Kalamazoo, Higgins Lake and M-30 in West Branch.

 

We are making these changes in the interest of operational efficiency. The affected branches are low traffic and deposit facilities, and we expect to fully serve the affected customers through our remaining branch network and extensive offering of electronic services.

 

As a result of the cost efficiency program, Mercantile Bank expects to record a total pre-tax charge of approximately $0.9 million, which will occur primarily during the fourth quarter of 2015. This charge will consist of approximately $0.76 million in severance payments and $0.17 million in lease termination costs, a leasehold improvement write-off and disposition of furniture.

 

Projected savings as a result of the cost efficiency program are anticipated to be approximately $2.7 million per year on a pre-tax basis.     

 

Item 7.01     Regulation FD Disclosure.

 

On October 28, 2015, we issued a press release relating to our cost efficiency program. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated here by reference.

 

Item 9.01     Financial Statements and Exhibits.

 

(d) Exhibits.

  

Exhibit Number  Description
   

99.1

Press release relating to cost efficiency program

 

 

 
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Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Mercantile Bank Corporation

 

 

 

 

 

 

By:

/s/ Charles E. Christmas

 

 

 

Charles E. Christmas

 

 

 

Senior Vice President, Chief Financial Officer and Treasurer

 

       
Date: October 28, 2015      

 

 

 
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Exhibit Index

                  

Exhibit Number  Description 
   

99.1

Press release relating to cost efficiency program

 

4