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Mercantile Bank names CEO successor, ups dividend

MercantileBank Corp. Chairman, President and CEO Michael Price will retire,effective Jan. 1, 2017. Robert Kaminski Jr. succeeds him as president and CEOthat same day.

Price will stay on as chairman and an executive officeruntil the May 2018 annual shareholder meeting. He will retain a seat on theGrand Rapids, Mich.-based bank's board afterward.

Price and Kaminski, who is currently executive vicepresident and COO, were among Mercantile's founding employees in 1997.

Mercantile's board also declared a quarterly cash dividendof 17 cents per share, up from the previous 16 cents. It will be paid out Sept.21 to shareholders of record as of Sept. 9. Mercantile further reportedsecond-quarter net income of $7.4 million, or 46 cents per share. It was $6.6million, or 39 cents per share, in the year-ago period.