Mercantile Says Regulatory Snag Will Delay Firstbank Purchase

Mercantile Bank (MBWM) in Grand Rapids, Mich., expects regulatory hang-ups to delay its acquisition of Firstbank (FBMI) in Alma, Mich.

The $1.4 billion-asset company said in a regulatory filing Tuesday that, "due to the timing of certain regulatory processes and approvals," it is unlikely that it will close the acquisition by Jan. 1, as previously disclosed. The company said it now expects to close its purchase of the $1.3 billion-asset Firstbank by March 31.

Mercantile said in August that it had agreed to buy Firstbank for $151 million.