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MBWM > SEC Filings for MBWM > Form 8-K on 11-May-2009All Recent SEC Filings

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Form 8-K for MERCANTILE BANK CORP


11-May-2009

Costs Associated with Exit or Disposal Activities


Item 2.05 Costs Associated with Exit or Disposal Activities.
On May 7, 2009, we approved a plan to close our Novi and Ann Arbor, Michigan banking offices, and consolidate our Michigan banking activities. We expect to complete the closure of the two offices by mid-August of this year, and transfer the deposits and commercial loans from our Novi and Ann Arbor offices to our Lansing, Michigan office. We are making these changes to improve asset quality and account management through more centralization of our commercial lending activities, and to lower our operating costs. The status and trend of the Michigan economy were factors we considered when determining to adopt the plan.
In connection with the closure of the two offices, we expect to incur costs of approximately $0.5 million for severance payments, $0.2 million for the write-off of leasehold improvements and $0.8 million associated with lease termination costs. We expect that these and related costs will total approximately $1.5 million.
On May 8, 2009, we issued a press release relating to this matter that is referred to in Item 7.01 of this report. Item 7.01 Regulation FD Disclosure.
On May 8, 2009, we issued a press release relating to the closure of our Novi and Ann Arbor, Michigan offices. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated here by reference. Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

Exhibit Number                                  Description

99.1              Press release relating to the closure of our Novi and Ann Arbor,
                  Michigan banking offices


Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Mercantile Bank Corporation

By: /s/ Charles E. Christmas
Charles E. Christmas
Senior Vice President, Chief Financial
Officer and Treasurer

Date: May 11, 2009


                                 Exhibit Index

Exhibit Number                                  Description

99.1              Press release relating to the closure of our Novi and Ann Arbor,
                  Michigan banking offices

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