Mercantile Bank of Michigan, based in Grand Rapids, has formed The Mercantile Bank Foundation, a private charitable foundation to fund and administer the bank’s charitable giving activities.
“We are very excited to form and initially fund The Mercantile Bank Foundation to enhance our charitable giving program as we work to support all of the communities within our markets, and to provide a consistent level of giving throughout the business cycle,” says Raymond E. Reitsma, president of Mercantile Bank.
In conjunction with the formation, Reitsma says the bank is making an initial capital contribution of $4 million. He says additional capital contributions are expected in the future depends on Mercantile’s operating performance, financial conditions, and other factors.
“Importantly, our commitment to making a positive difference extends beyond donations, including community development lending, thousands of employee volunteer hours for hundreds of nonprofit organizations, financial education classes and other initiatives that will continue alongside the work of the new charitable foundation,” Reitsma says.
The bank has donated more than $1.6 million during the past two years in support of nonprofit organizations throughout the communities it operates in. The foundation is eventually expected to handle all of its 501(c)3 donations.
Mercantile Bank of Michigan is a subsidiary bank of Mercantile Bank Corp. and has assets of nearly $4.9 billion, operates more than 40 branches, and has more than 400 employees.