401(k) · DOL Form 5500 · 2023

Mercantile Bank 401(k) Plan

Data updated 2026-08-11

$101M
Total assets
670
Participants
91st
Percentile by assets
$150,564
Avg per participant
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Official DOL plan name: Mercantile Bank 401(k) Plan · Sponsored by Mercantile Bank · Michigan · Finance & Insurance

$101M in assets, 670 participants

Mercantile Bank's Mercantile Bank 401(k) Plan reported $101M in total assets and 670 participants in its 2023 DOL Form 5500 filing, ranking in the 91st percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • 91st percentile by assets (of 127,072 plans)
  • #7,689 in Finance & Insurance (8,869 peers)

Where Mercantile Bank 401(k) Plan sits by assets

Mercantile Bank 401(k) Plan sits in the top 10% of all filed plans by assets, $101M for 670 participants (~$150,564/participant), up 24.5% in 2023.

$101M
total plan assets (2023 EOY)
670
covered participants
91st
percentile by assets (of 127,072 plans)
$150,564
avg assets per participant

Where Mercantile Bank 401(k) Plan sits by total assets

Mercantile Bank 401(k) Plan vs every filed plan by assets

End-of-year total assets · plan year 2023 · DOL Form 5500

$100,878,135 Top 9% higher than 91% of 127,068 filed plans

This plan $0 $2,010,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2023

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • Mercantile Bank 401(k) Plan reported net income rose from -$13M in the plan year 2022 filing to $20M in the plan year 2023 filing.
  • Mercantile Bank 401(k) Plan end-of-year assets rose from $81M in the plan year 2022 filing to $101M in the plan year 2023 filing.
  • Mercantile Bank 401(k) Plan reported participants rose from 656 in the plan year 2022 filing to 670 in the plan year 2023 filing.

See the national 2022→2023 release diff →

State
Michigan
Industry
Finance & Insurance

Mercantile Bank 401(k) Plan vs the 2023 asset distribution

By assets, Mercantile Bank 401(k) Plan outranks 91% of the 127,072 plans that filed a Form 5500 for the 2023 plan year, and holds roughly 1.0x the national average plan size of $100M (721 average participants).

Scale-class filing particulars (2023)

Total Assets (Beginning of Year)$81M
Net Assets (End of Year)$101M
Net Income$20M
Employer EIN383360868
Plan Effective Date1998-01-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Mercantile Bank)

$70M$80M$90M$100M$110M$120M 202220232024 $81M $110M ▲ +35.6%
Total plan assets by year, all Mercantile Bank plans on file
Year Plans Participants Total Assets
2022 1 656 $81M
2023 1 670 $101M
2024 1 690 $110M

Nearby 401(k) Plans in Michigan

Peer 401(k) plans, same state, same plan type, ranked by total assets.

Mercantile Bank 401(k) Plan vs. nearby 401(k) plans in Michigan, assets vs. participants Scatter plot of 6 data points. -20000020000400006000080000 -50510152025 Total assets ($B) Participants Mercantile Bank 401(…, Total assets ($B): 0.100878135 · Participants: 670Mercantile Bank 401(…General Motors Retir…, Total assets ($B): 20.378449285 · Participants: 47299General Motors Retir…Ford Motor Co. Savin…, Total assets ($B): 15.588575271 · Participants: 30516Ford Motor Co. Savin…The Dow Chemical Com…, Total assets ($B): 10.084842211 · Participants: 18088The Dow Chemical Com…The General Motors P…, Total assets ($B): 8.580684909 · Participants: 40393The General Motors P…Ford Motor Co. Tax-E…, Total assets ($B): 7.617084451 · Participants: 59195Ford Motor Co. Tax-E…
Mercantile Bank 401(k) Plan vs. nearby 401(k) plans in Michigan, assets vs. participants
Compare Mercantile Bank 401(k) Plan side-by-side with 3 peers →

Similar-Sized 401(k) Plans Nationally

401(k) plans in other states closest to Mercantile Bank 401(k) Plan by total assets, not by location.

Frequently Asked Questions

How did Mercantile Bank 401(k) Plan assets move in 2023? ▼
Mercantile Bank 401(k) Plan grew sharply - up 24.5% during 2023, from $81M to $101M. Reported net income was $20M.
How have Mercantile Bank plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Mercantile Bank's sponsor-wide assets grew 35.6%, from $81M to $110M.
Where does Mercantile Bank 401(k) Plan rank by assets among Form 5500 filers? ▼
Mercantile Bank 401(k) Plan ranks in the 91st percentile by end-of-year assets among 127,072 plans that reported assets for plan year 2023 (in the top 10% of all filed plans by assets).
Which 401(k) plans are similar in size to Mercantile Bank 401(k) Plan? ▼
Among 401(k) plans in other states, the closest by assets is Quality Technology Services, LLC 401(k) Plan in KS ($101M, 760 participants).

Next read for Mercantile Bank 401(k) Plan

Scale reading

Ways to act on Mercantile Bank 401(k) Plan's numbers.

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 383360868.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.