Mercantile Bank Corporation (NASDAQ:MBWM) and Eastern Michigan Financial Corporation announced on Dec. 16, 2025, that they have received approval from the Federal Reserve Bank of Chicago for their proposed merger.
The merger is expected to close on Dec. 31, 2025, contingent on shareholder approval from Eastern Michigan Financial, with the company’s shareholder meeting set for Dec. 19, 2025, in Lexington, Michigan.
Under the terms of the amended merger agreement (October 5, 2025), Eastern Michigan Financial will merge into a Mercantile acquisition subsidiary, which will then merge into Mercantile.
Following the merger, Mercantile will operate as a two-bank holding company, while Eastern Michigan Bank will continue its operations alongside Mercantile Bank until the planned consolidation in the first quarter of 2027.
The companies have received all required regulatory approvals to proceed with the transaction, with final steps subject to Eastern shareholder approval and customary closing conditions.
The planned consolidation will take place in early 2027, pending approval from the FDIC and Michigan Department of Insurance and Financial Services (DIFS).