SOURCE: Primatics Financial

Primatics Financial

December 01, 2014 09:16 ET

Mercantile Bank Hires Primatics Financial to Provide Acquired Accounting and Valuation Services

Leading Michigan Bank Partners With Primatics to Manage Loan Portfolio

MCLEAN, VA--(Marketwired - Dec 1, 2014) - Primatics Financial ("Primatics"), a leader in integrated risk and finance solutions, was selected by Mercantile Bank Corporation ("Mercantile") (NASDAQ: MBWM) to implement its EVOLV® software solution to efficiently and cost-effectively manage the loan accounting and credit analysis for Mercantile's integration with Firstbank Corporation ("Firstbank") (NASDAQ: FBMI). The transaction, a merger of equals, created one of the largest banking organizations headquartered in Michigan with approximately $3 billion in assets and $2 billion in loans.

Since this is Mercantile's first whole bank acquisition, it was seeking a solution that could support its growing loan portfolio needs around fair value accounting and help to cost-effectively meet the challenges associated with integrating a large loan portfolio into its existing operations.

"We are excited to be partnering with Primatics to support us through this acquisition and beyond," said Mercantile Bank's Chief Financial Officer, Chuck Christmas. "After consideration of other vendors, we chose Primatics because of its strong reputation in the marketplace and vast experience with complex loan portfolios and M&A accounting. Primatics is well suited to support the seamless integration of Mercantile Bank and Firstbank, and its technology solution is also scalable and flexible -- a necessity for a growing bank like ours."

Primatics assisted with the integration of Firstbank's loan portfolio by supporting the automation of Data Capture, Valuation and Accounting Disclosures and ongoing support for its day-to-day accounting needs from Primatics' deep bench of subject matter experts.

Primatics' Chief Executive Officer, Kevin Hesselbirg commented, "We are very excited to partner with Mercantile Bank and assist them with this strategic acquisition and look forward to a long partnership as they continue to grow. Mercantile joins an impressive list of high-growth banks that have chosen Primatics and its robust platform, EVOLV, to manage their loan portfolios. EVOLV is built to give banks the scalability and adaptability necessary for complex loan processes, including the types of challenges found in an acquisition."

About Primatics Financial
Primatics addresses a financial institution's most complex risk and finance challenges with EVOLV®, our open platform enhanced with integrated solutions. Built by industry experts, EVOLV® uniquely equips financial institutions to efficiently meet changing accounting, risk, compliance, regulatory, market and business needs. Primatics is headquartered in McLean, Virginia, USA. For more information visit: www.primaticsfinancial.com

About Mercantile Bank Corporation
Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has assets of $2.9 billion and operates 53 banking offices serving communities in central and western Michigan. Mercantile Bank Corporation's common stock is listed on the NASDAQ Global Select Market under the symbol "MBWM."