Mercantile Bank Corporation Raises Additional $15 Million Of Subordinated Notes
Amount Raised
$15 Million
Round Type
Debt Financing
Grand RapidsFinancial ServicesFinanceFintechLendingBankingDescription
Mercantile Bank Corporation (NASDAQ: MBWM) ("Mercantile" or the "Company") today announced that it has issued an additional $15 million of its 3.25% fixed-to-floating rate subordinated notes due 2032 (the "Notes") in a private placement. The offering is an expansion of the $75 million offering completed December 15, 2021 and was completed on the same terms as the prior offering and under the existing Indenture. The Notes bear a fixed rate of 3.25% for the first five years and will reset quarterly thereafter to the then current three-month SOFR rate plus 212 basis points. The Company intends to use the net proceeds from the offering for general corporate purposes.
Quick answer
Mercantile Bank raised $15 Million in a Debt Financing round, dated January 14, 2022. Mercantile Bank is based in Grand Rapids, Michigan, United States.
- How much did Mercantile Bank raise?
- Mercantile Bank raised $15 Million in a Debt Financing round on January 14, 2022.
- Where is Mercantile Bank based and how big is it?
- Mercantile Bank is based in Grand Rapids, Michigan, United States.
- Who are the decision-makers at Mercantile Bank?
- Fundz holds 1 contact at Mercantile Bank, including the Chief Risk Officer & General Counsel. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Financial Services and Finance around the same time
Companies in the same sectors as Mercantile Bank that raised within 45 days of this round, from Fundz verified event records.
- Tonik raised $131M (Series B) on February 9, 2022.
- Alkami Technology raised an undisclosed amount (Funding Round) on February 8, 2022.
- Citizens Financial Group raised an undisclosed amount (Funding Round) on December 6, 2021.
- Naver raised an undisclosed amount on February 15, 2022.
- Cred raised $300M (Funding Round) on February 10, 2022.
- Eightco Holdings raised $42M on February 10, 2022.
Who to call at Mercantile Bank, and when
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