Leadership Reactions: Strategy Meets Community
Ray Reitsma, president and CEO of Mercantile Bank, heralded the merger as a dual win—both financially and socially.
“The combination provides an improved loan-to-deposit ratio, a broader deposit base, and a reduced cost of funds,” Reitsma said. “These enhancements support more efficient capital deployment and further position the bank for sustained, profitable growth. This expansion isn’t just about numbers — it’s about deepening our commitment to the communities we call home.”
William Oldford, CEO of Eastern Michigan Bank, echoed Reitsma’s optimism.
“This partnership strengthens our ability to deliver even greater value while honoring the trust our customers have placed in us,” he said.
Advisers Behind the Deal
The transaction was steered by heavyweight advisers on both sides. Stephens Inc. served as financial adviser to Mercantile, with Dickinson Wright PLLC as legal counsel. Piper Sandler & Co. advised Eastern Michigan Financial, while Shumaker Loop & Kendrick LLP handled legal duties.
The Shumaker $95M Merger marks a strategic consolidation move within the Michigan banking sector—one that could ripple through regional markets as institutions race to scale, streamline, and strengthen their community footholds in an increasingly competitive financial landscape.
