Mercantile Bank Corporation has announced an agreement to acquire Eastern Michigan Financial Corporation. The deal was announced on 22 July 2025.
DEAL TERMS
Eastern Michigan Financial Corporation, based in Croswell, is the parent of Eastern Michigan Bank, which has about $505 million in assets and 12 branches serving Sanilac, Huron and St. Clair counties. The deal is valued at about $95.8 million, with Eastern Michigan Financial shareholders receiving 0.7116 Mercantile shares plus $32.32 in cash per share; the combined company will have about $6.7 billion in assets and 57 locations, and Mercantile expects the deal to be about 11% accretive to earnings once cost savings are fully realised.
APPROVALS AND TIMING
The transaction was announced on 22 July 2025 and is subject to regulatory approvals and the approval of Eastern Michigan Financial's shareholders, and was expected to close in the fourth quarter of 2025.