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 into Mercantile’s growing financial footprint.
Deal Details: Dollars, Shares, and Synergies
Per the agreement’s terms, Eastern Michigan shareholders will receive 0.7116 shares of Mercantile common stock plus $32.32 in cash for each of their existing shares. The transaction, unanimously approved by both boards of directors, is slated to close in Q4 of 2025, pending regulatory and shareholder approvals.
As of June 30, 2025, the post-merger institution is projected to hold $6.7 billion in total assets, $4.9 billion in loans, and $5.2 billion in deposits, transforming it into a formidable mid-sized regional bank. The acquisition will also add 12 Eastern branches to Mercantile’s existing 45-location network, broadening the bank’s reach across the Great Lakes State.
