Johnson To Retire From Mercantile

May 25, 2007
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GRAND RAPIDS — Gerald Johnson Jr., chairman and CEO of Mercantile Bank Corp. and chairman of Mercantile Bank of Michigan, announced this morning that he will retire on June 30. Current President Michael Price will succeed Johnson as chairman, president and CEO of Mercantile Bank Corp. and as chairman and CEO of Mercantile Bank of Michigan. Effective on the same date, current COO and Executive Vice President Robert Kaminski will take on the posts of executive vice president and CEO of Mercantile Bank Corp. and president and COO of Mercantile Bank of Michigan.

Johnson was one of the key architects of Mercantile Bank Corp. and its affiliates. Within 10 years of opening, Mercantile reached more than $2 billion in assets. Johnson said he has "the utmost confidence" in Price and Kaminski, as well as the company's directors and the entire Mercantile team. Price has more than 27 years and Kaminski more than 23 years of experience in commercial banking.

As part of Johnson's retirement package, he will receive approximately two-and-a-half times his current annual base salary over an 18-month period, and the continuation of certain insurance benefits over the same period. The cost to Mercantile is estimated at approximately $1.2 million.

Prior to founding Mercantile Bank, Johnson served as president and CEO of First Michigan Bank – Grand Rapids.     

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