Mercantile Bank Corporation (NASDAQ:MBWM) Appoints Five New Directors in Expansion of Board

On December 19, 2024, Mercantile Bank Corporation announced significant changes to its Board of Directors. The Board, operating under Mercantile Bank Corporation, expanded its size from eight to thirteen members and added five new directors, effective January 1, 2025. These new directors are currently serving as directors of Mercantile Bank, the company’s wholly-owned subsidiary.

The newly appointed individuals and their corresponding committee assignments are as follows:
– Thomas D. Dickinson – Audit Committee
– Joseph D. Jones – Compensation Committee
– Richard D. MacDonald – Governance & Nominating Committee
– Sara A. Schmidt – Audit Committee
– Shoran R. Williams – Audit Committee

Thomas D. Dickinson, 65, brings four decades of experience to the table, with a background encompassing various roles such as a certified public accountant, investment adviser representative, and certified financial planner. Joseph D. Jones, 54, founded the Hekima Group and has an extensive leadership background. Richard D. MacDonald, 54, serves as the chief operating officer of the Hinman Company. Sara A. Schmidt, 43, is the senior vice president and chief information security officer for US Foods. Shoran R. Williams, 55, holds over 25 years of experience as a litigation attorney.

These director appointees have been deemed to meet the criteria for independent directors, with some also fulfilling the heightened independence standards required for service on the Audit and Compensation Committees under NASDAQ listing standards. Furthermore, Mr. Dickinson has been recognized as an “audit committee financial expert” and possesses the essential expertise in banking or related financial management. Each director appointee will receive Mercantile’s standard compensation for non-employee directors.

In addition to the changes in the Board, Mercantile Bank and the Bank entered into amended and restated employment agreements with several officers, effective January 1, 2025. These agreements outline modifications such as revised base salaries, disability benefits, severance payments, and terminations in the event of a change in control.

Furthermore, Mark S. Augustyn, 56, who is the executive vice president and chief commercial banking officer, and Tara M. Randall, 46, the executive vice president and chief experience officer, had been designated as “Officers” of Mercantile for Section 16 purposes and “Executive Officers” for disclosure in compliance with the prescribed regulations.

The company has provided detailed descriptions of these changes in various exhibits within the 8-K filing submitted to the U.S. Securities and Exchange Commission on December 19, 2024.

This news reflects Mercantile Bank’s ongoing commitment to bolster its leadership team and ensure strategic oversight across its operations. The notable additions to the Board and updates to officer agreements aim to fortify the company’s governance structure and enhance its organizational resilience.

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Please note that the information provided is sourced from an 8-K SEC Filing and is reported objectively without external opinion or analysis.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mercantile Bank’s 8K filing here.

Mercantile Bank Company Profile

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.