Mercantile in Michigan Facing More Delays with Firstbank Deal

Mercantile Bank (MBWM) in Grand Rapids, Mich., and Firstbank (FBMI) in Alma, Mich., are extending the termination date for their delayed merger.

The companies disclosed in regulatory filings Friday that they had moved the termination date to June 30. It had been set at March 31.

Mercantile, which has $1.4 billion in assets, and Firstbank, with $1.5 billion in assets, have faced regulatory delays since announcing the $151 million merger in August.

Mercantile said in a November regulatory filing that "due to the timing of certain regulatory processes and approvals," it had become unlikely that it would close the acquisition by Jan. 1, as previously planned. At that time, Mercantile said it expected to close its purchase by March 31.