401(k) · DOL Form 5500 · 2023

Mercantile Bank 401(k) Plan

Data updated 2026-08-25

$101M
Total assets Near avg plan size
670
Participants Below avg headcount
91st
Percentile by assets National rank
$150,564
Avg per participant Above avg balance/head
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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.

  • #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.

#7,689
in Finance & Insurance (8,869 peers)
+24.5%
assets growth YoY
1.0×
vs typical plan assets (national mean)

Mercantile Bank 401(k) Plan's outsized position 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 $2,050,000,000 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

Mercantile Bank 401(k) Plan among mid-size filed plans by headcount

Plan-year 2023 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. Mercantile Bank 401(k) Plan sits mid-pack in the medium band (670 participants).

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 →

DOL schedule card

Filing strip 383360868 · Mercantile Bank PY 2023 · 401(k)

Mercantile Bank 401(k) Plan · $101M · 670 · 91st

  • TYPE $101M
  • TYPE 670
  • TYPE 91st
  • TYPE 401(k)
  • TYPE near Quality Technology Services, LLC 401(k) Plan
  • TYPE ind #7689

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with Finance & Insurance retirement plans → · Plans in Michigan →

Mercantile Bank 401(k) Plan in the asset neighbourhood

Mercantile Bank 401(k) Plan$101MQuality Technology Services, LLC 401(k) PlanQuality Technology Services,…$101MFrederic W. Cook & Co., Inc. Deferred Profit Sharing PlanFrederic W. Cook & Co., Inc.…$101MCincinnati Bell Inc. Savings and Security PlanCincinnati Bell Inc. Savings…$101MInvestment Corporation of America Profit Sharing 401(k) PlanInvestment Corporation of Am…$101M
End-of-year total assets ($M) among Mercantile Bank 401(k) Plan and nearest nationwide 401(k) peers. Source: DOL Form 5500 plan year 2023.

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)

Sponsor-wide plan assets over time

All Mercantile Bank plans reported in each filing year

Latest sponsor-wide plan assets
$110M 35.57451976916993% vs 2022
2024 filing year
$70M$80M$90M$100M$110M$120M 202220232024 $81M $110M ▲ +35.6%
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 ($B) Participants Mercantile Bank 401(k) Plan, Total assets ($B): 0.100878135 · Participants: 670Mercantile Bank 401(k) PlanGeneral Motors Retirement Savings Plan for Salaried Employees in the United States, Total assets ($B): 20.378449285 · Participants: 47299General Motors Retirement Savings Plan for Salaried Employees in the United StatesFord Motor Co. Savings and Stock Investment Plan for Salaried Employees, Total assets ($B): 15.588575271 · Participants: 30516Ford Motor Co. Savings and Stock Investment Plan for Salaried EmployeesThe Dow Chemical Company Employees' Savings Plan, Total assets ($B): 10.084842211 · Participants: 18088The Dow Chemical Company Employees' Savings PlanThe General Motors Personal Savings Plan for Hourly-Rate Employees in the United States, Total assets ($B): 8.580684909 · Participants: 40393The General Motors Personal Savings Plan for Hourly-Rate Employees in the United StatesFord Motor Co. Tax-Efficient Savings Plan for Hourly Employees, Total assets ($B): 7.617084451 · Participants: 59195Ford Motor Co. Tax-Efficient Savings Plan for Hourly Employees
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 →

Mercantile Bank 401(k) Plan's out-of-state 401(k) peers by assets and headcount

Outside Michigan, the nearest 401(k) by assets is Quality Technology Services, LLC 401(k) Plan in KS ($101M); by covered participants it is Grandvision USA Retail Holding Corporation 401(k) Plan in FL (670 participants). Same-state nearby plans are listed separately above.

Similar participant headcount

Nearest other-state filings by covered participants (670 participants); asset peers above are excluded.

DOL Form 5500 plan year 2023. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

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).
Which 401(k) plans cover a similar participant headcount to Mercantile Bank 401(k) Plan? ▼
Among 401(k) plans in other states, the closest by covered participants is Grandvision USA Retail Holding Corporation 401(k) Plan in FL (670 participants, $18M in assets).

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.