By: Deborah Johnson Wood
By the end of the year, Mercantile Bank will hit its tenth anniversary, post $2.1 billion in assets, and add a ninth location—this one in Southeast Michigan's Oakland County.
"We don't have a location identified yet," says Robert Kaminski, president and COO, "but we're looking along the I-275 and I-96/696 corridor."
That will most likely put the new branch in Farmington, Novi, or Bloomfield Hills. Because the bank wants to open the branch as soon as possible, the plan is to lease space for the first few years.
Mercantile hired Alfred DeFlaviis, a 27-year veteran of the Southeast Michigan banking market, as branch president. DeFlaviis brings with him a loyal customer following, which Kaminski hopes will jumpstart the new location.
"We get the right people first and foremost, and then look at the market and see if it's right for us," Kaminski says. "If the market is ready for us, then we're ready to set sail."
Although Mercantile offers personal banking services, its primary focus is commercial banking. Because most commercial customers bring themselves, their company, and their employees on board, the bank can grow faster than a personal services-oriented bank.
"If we can do business the first year in the $10 million to $20 million to $30 million range, that would be pretty good," Kaminski says.
Source: Robert Kaminski, Mercantile Bank of West Michigan
Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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