- change ups
Johnson To Retire From Mercantile
GRAND RAPIDS —
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 –