GRAND RAPIDS, Mich., Oct. 14, 2010 (GLOBE NEWSWIRE) -- Mercantile Bank Corporation (Nasdaq:MBWM) ("Mercantile") today announced that its Board of Directors has elected Richard E. Posthumus, aged 60, to its Board. Mr. Posthumus has also been elected to serve as a Director of Mercantile's subsidiary bank, Mercantile Bank of Michigan ("Mercantile Bank"). Additionally, he was appointed to serve on the Audit Committee and the Governance and Nominating Committee of both Mercantile and Mercantile Bank.
Michael Price, Chairman and CEO of Mercantile, commented on Mr. Posthumus' appointment: "We are delighted that Dick will be joining our Board. He brings to Mercantile a lifetime of leadership and a history of success in a broad spectrum of endeavors. Dick's experience, first as a farmer, also as a businessman, and for over 20 years as a public servant, will be a great asset to our company."
Mr. Posthumus joined Compatico, Inc., a manufacturer of office systems and parts, as Executive Vice President and Partner in 2004. He served as its President and CEO until June of this year. Currently, he serves as a Director and Senior Partner of the company.
Mr. Posthumus has been a self-employed farmer since 1974. He has a long history of service to Michigan residents. He was first elected to the Michigan Senate, where he was the Majority Leader from 1991 to 1998. He was then elected as Lieutenant Governor in 1999, where he served the State of Michigan in that role until 2003.
Mr. Posthumus earned a Bachelor of Science Degree in Public Affairs Management and Agricultural Economics from Michigan State University. He has also been bestowed with Honorary Degrees from Grand Valley State University, Northern Michigan University and Jordan College. Mr. Posthumus currently serves on numerous community Boards, including Metro Health Corporation, YMCA of Greater Grand Rapids and the Michigan Chamber of Commerce.
About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Founded in 1997 to provide banking services to businesses, individuals, and governmental units, the Bank differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has seven full-service banking offices in Grand Rapids, Holland and Lansing, Michigan. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."