Mercantile Bank Corporation (NASDAQ:MBWM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Management Succession Plan
Effective January 1, 2017, Mercantile Bank Corporation
(Mercantile) announced the following resignations and
appointments, in furtherance of its previously announced
management succession plan:
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Michael H. Price has retired as President and Chief |
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Robert B. Kaminski Jr. has resigned as Executive Vice |
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Robert T. Worthington has resigned as Senior Risk Officer |
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Raymond E. Reitsma has resigned as West Region President |
Biographical Information
Mr. Price, age 59, has over 30 years of commercial banking
experience and joined the Bank in 1997. Since 2007, Mr. Price has
served as President and Chief Executive Officer of Mercantile and
Chief Executive Officer of the Bank. Mr. Price served as
President and Chief Operating Officer of Mercantile and the Bank
in 1997 and 1998, and as President and Chief Operating Officer of
Mercantile and President and Chief Executive Officer of the Bank
from 1999 to June of 2007. Mr. Price also served as Chairman of
the Board of Mercantile from 2007 through the date of the
Firstbank Corporation merger and resumed his position as Chairman
of Mercantile following Thomas Sullivans retirement in May of
2015. Mr. Price has been and continues to be very active in the
Grand Rapids community. He currently serves on the Board of
Directors of Metro Health Corporation and the Board of Trustees
of Aquinas College. From 2005 to 2007, he served on the Board of
Directors of the Federal Home Loan Bank of Indianapolis. Mr.
Price also held leadership positions on the Boards of Habitat for
Humanity of Kent County, Project Rehab and Network180. Mr. Price
serves as a member of the Board of Directors of Mercantile and of
the Bank.
Mr. Kaminski, age 55, joined the Bank in 1997 and has over 30
years of commercial banking experience. Mr. Kaminski was
appointed President of the Bank effective June 30, 2007. On May
28, 2015, Mr. Kaminski was appointed Chief Executive Officer of
the Bank in addition to continuing his roles as President of the
Bank and Executive Vice President, Chief Operating Officer and
Secretary of Mercantile. He also served as the Banks Chief
Operating Officer from 2000 through 2015. Mr. Kaminski serves on
the Boards for Boys and Girls Clubs of Grand Rapids Youth
Commonwealth, the West Michigan Policy Forum, the Retirement
Board for the City of Wyoming, Michigan, and the Heart of West
Michigan United Way. Mr. Kaminski serves as a member of the Board
of Directors of Mercantile and of the Bank.
Mr. Worthington, age 42, has 22 years of banking and corporate
finance experience. Mr. Worthington joined the Bank in 2009 as
Senior Vice President and Risk Management Director and was
appointed General Counsel of the Bank in 2011. In 2016, Mr.
Worthington was also appointed Chief Operating Officer of the
Bank and became Senior Vice President and General Counsel of
Mercantile. Prior to joining the Bank, he was a corporate
attorney, internal auditor, certified public accountant, and
bank teller. Mr. Worthington serves as Chairman of Junior
Achievement of the Michigan Great Lakes, Committee Member of
the Gerald R. Ford Presidential Foundation, Trustee of the
Michigan Bankers Workers Compensation Fund, and Director of
MiBankPAC.
Raymond Reitsma, age 53, has been with the Bank for thirteen
years, beginning with his initial role as a Commercial Loan
Manager in 2003, including holding the title of Senior Lender
for eight years, and in June 2015, was appointed to be the
Banks West Region President. Mr. Reitsmas areas of
responsibility have included commercial lending, treasury/cash
management, mortgage lending, and credit administration. Mr.
Reitsma was also very instrumental in the preparation,
transition and integration periods surrounding the merger with
Firstbank Corporation. Mr. Reitsma currently serves on the
local board of the American Heart Association, and has served
as the Chair for the 2015 Heart Walk. Additionally, he serves
on the Advisory Council of DA Blodgett/St. Johns Home and has
done so since 2011. Previously, Mr. Reitsma served on the Board
of Directors of the Pine Rest Foundation for six years,
including two years as Treasurer. He has also been involved
with the local United Way agency, most recently as the annual
Campaign Chair for the Bank. Mr. Reitsma graduated from Calvin
College with a B.A. in Business Administration and also holds
an MBA in Finance from Michigan State University. Mr. Reitsma
serves as a member of the Board of Directors of the Bank.
Employment Agreements and Amendments
to Employment
Agreements
Effective January 1, 2017, Mercantile, the Bank and Mr.
Kaminski entered into an amendment to Mr. Kaminski’s
Employment Agreement dated as of November 13, 2014 and
previously amended on May 28, 2015, to reflect his new titles
as President and Chief Executive Officer of Mercantile and as
Chief Executive Officer of the Bank.
Effective January 1, 2017, Mercantile, the Bank and Mr.
Worthington entered into an amended and restated Employment
Agreement and the Bank and Mr. Reitsma entered into an
amendment to Mr. Reitsma’s Employment Agreement dated as of
November 19, 2015. The material terms of each officer’s
Employment Agreement are as follows:
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Each agreement provides for an employment term of two |
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Each agreement specifies the officer’s base salary and |
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The officer is entitled to six months of base salary if |
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If the officer’s employment is terminated without |
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Each officer reaffirms the terms of the Non-Compete and |
The amendment to Mr. Reitsma’s Employment Agreement
effective January 1, 2017 reflects his new title as President
of the Bank.
The foregoing description of each of the agreements and
amendments is qualified in its entirety by reference to the
agreements and amendments as Exhibit 10.1, 10.2, 10.3 and
10.4, respectively.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit Number |
Description |
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10.1 |
Second Amendment to Employment Agreement of Robert |
| 10.2 |
Amended and Restated Employment Agreement of Robert T.Worthington effective January 1, 2017 |
| 10.3 |
Employment Agreement among Mercantile, the Bank andRaymond E. Reitsma effective January 1, 2016 |
| 10.4 |
First Amendment to Employment Agreement of Raymond E.Reitsma effective January 1, 2017 |