The Mercantile Bank Foundation
The Mercantile Bank Foundation is a private corporate foundation established by Mercantile Bank of Michigan in December 2021. Based in Grand Rapids, Michigan, the foundation was created to formalize and administer the charitable giving activities of Mercantile Bank across the communities it serves.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$7.4M
+29.8% YoY
Annual Giving
$142K
-72.6% YoY
Grant Count
51
-68.3% YoY
Avg Grant Size
$3K
-13.5% YoY
Mission & Focus Areas
The foundation aims to sustain consistent charitable giving throughout business cycles. According to its founding announcement, the foundation's commitment extends to making a positive difference in all communities within Mercantile Bank's markets.
Primary funding areas include:
- Education
- Human Services
- Philanthropy, Voluntarism & Grantmaking
- Community Development
- Mental Health
- Food Security and Hunger Relief
- Youth Services and Sports
Grantmaking
The foundation awarded grants to organizations including:
Grant Range
& Range:**
Average Grant
amount varies by program
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Geographic Focus
Where this funder awards grants
The foundation primarily funds initiatives in Michigan, with particular focus on communities served by Mercantile Bank. Geographic reach extends to multiple states including Minnesota, North Carolina, Nebraska, Ohio, and Washington, D.C. Major funding areas include Detroit, Grand Rapids, and Lansing, as well as smaller communities throughout the region.
Grant Distribution by State
Cities
Financial History
Multi-year comparison from IRS filings
As of Most Recent Filing (2024):
- Total Assets: $7,448,976
- Total Revenue: $1,884,876
- Total Expenses: $175,924
- Total Giving: $141,850
As of 2023 Filing:
- Total Assets: $5,740,024
- Total Revenue: $805,749
- Total Expenses: $553,533
- Total Giving: $529,294
- Giving Rate: 9.4%
Initial Capitalization: Mercantile Bank made a $4.0 million initial capital contribution upon the foundation's formation in December 2021, recorded as noninterest expense in the fourth quarter of 2021. The bank had previously donated over $1.6 million during the two calendar years prior to the foundation's establishment.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $7,448,976 | $5,740,024 | $5,487,808 |
| Revenue | $1,884,876 | $805,749 | $1,621,697 |
| Expenses | $175,924 | $553,533 | $133,889 |
| Qualifying Distributions | $145,735 | $529,294 | $120,749 |
| Net Investment Income | $194,377 | $107,007 | $88,848 |
| Distributable Amount | $326,281 | $258,421 | $186,319 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
110 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for .
Leadership & Key People
Leadership team and compensation from IRS filings
The foundation is led by a volunteer board working without compensation:
- Ray Reitsma – President (2 hours/week)
- Charles Christmas – Treasurer (2 hours/week)
- Scott Setlock – Secretary (2 hours/week)
- Doug Holtrop – Director (2 hours/week)
- Justin Karl – Director (2 hours/week)
- Robert Kaminski – Director (2 hours/week)
- Tara Randall – Director (2 hours/week)
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| CHARLES CHRISTMAS | TREASURER | 1 | — |
| RAY REITSMA | PRESIDENT | 1 | — |
| SCOTT SETLOCK | SECRETARY | 1 | — |
| DOUG HOLTROP | DIRECTOR | 1 | — |
| JUSTIN KARL | DIRECTOR | 1 | — |
| ROBERT KAMINSKI | DIRECTOR (THROUGH MAY 2024) | 1 | — |
| TARA RANDALL | DIRECTOR | 1 | — |
| JANINA KREIDER | DIRECTOR (AS OF MAY 2024) | 1 | — |
Recent News & Activity
Recent developments and announcements
The foundation was established in December 2021 with the goal of eventually making all of Mercantile Bank's 501(c)(3) donations through the foundation structure. The bank indicated it aimed for approximately $1 million annually in donations through the foundation.
Mercantile Bank forms foundation to sustain charitable giving; aims for $1MThe foundation has demonstrated active grantmaking, with 170 grants awarded in 2023 and continued grant activity through 2024, supporting a diverse range of nonprofit organizations across its service areas.
Contact Information
Address: 310 Leonard Street NW, Grand Rapids, MI 49504
Phone: (616) 726-1202
EIN: 87-4152774
Subject Areas
Focus areas based on grantmaking activity
Related Funders
Similar funders by location and focus area
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Data last updated April 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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