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 when navigating a bank acquisition."
