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GRAND RAPIDS, Mich. - Mercantile Bank Corp. said Friday it expects a first-quarter provision of up to $9.2 million to cover loan and lease losses.
| MBWM | 6.83 |  0.05 |
The commercial bank said its Mercantile Bank of Michigan subsidiary will report a first-quarter loss due to the provision, which will reduce operating income by $5.7 million to $6 million, or 67 cents to 70 cents per share.
Mercantile blamed the loan and lease losses on worsening economic conditions. The bank has struggled with its residential real estate portfolio due to the continued housing downturn.
Mercantile Bank, which operates nine offices in Michigan, caters to small and medium-sized businesses, offering money market accounts and certificates of deposit, commercial real estate loans, and equipment financing.
NAME_Timothy F. Geithner AGE-BIRTH DATE-LOCATION-47; August 18, 1961, New York City.
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