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Bank opens suburban mortgage office
A local bank has opened a new mortgage services office in the area.
Grand Rapids-based Mercantile Bank of Michigan opened the mortgage office in a leased space in Grand Rapids Township, at 4362 Cascade Rd. SE, according to the bank last week.
The name of the landlord was not disclosed.
“Over the past several years, Grand Rapids Township has seen population growth, as well as expansion in diverse industries, due in part to the efforts of local economic development organizations,” Mercantile said.
The new office features a team of mortgage loan professionals who work “exclusively” to serve the needs of residential mortgage loan customers.
Tim McAleece, VP and mortgage market manager, oversees the office.
Other mortgage lenders on the team include Jerry Kamerman and Steve Axdorff, and the space has capacity to add several more lenders and support staff.
Work is also underway on a new Mercantile branch just a few blocks away, at 4737 Cascade Rd. SE, which should be open by Oct. 28.
The mortgage office was necessary as an “annex” to the new branch, because the mortgage lending department was growing so fast it couldn’t be contained in a branch location.
Mercantile Bank of Michigan — a subsidiary of Mercantile Bank Corporation (Nasdaq: MBWM) — provides banking services to businesses, individuals and governmental units.
The bank operates 46 banking offices throughout central and West Michigan.
Mercantile had about $3.6 billion in assets as of Sept. 25, 2019.