Mercantile Bank Corporation
Mercantile Bank Corporation (NASDAQ: MBWM) is trading at $59.19, about ₹5,678 at today's USD/INR rate, as of 28 Sep 2026, 3:43 PM ET, down 1.40% today. Indian residents can buy Mercantile Bank from India on Paasa under the RBI's Liberalised Remittance Scheme.
Quote
Today's low
$59.01
Today's high
$60.10
52 week low
$42.75
52 week high
$62.95
MBWM opened at $59.61, closed previously at $60.03, and has traded between $42.75 and $62.95 over the past 52 weeks.
About
Mercantile Bank Corporation serves as the parent holding company for Mercantile Bank of Michigan, providing a full spectrum of commercial and personal banking solutions to small and mid-sized businesses, as well as individual customers, across the United States. The institution facilitates a diverse range of deposit offerings, including checking, savings, term certificates, time deposits, and certificates of deposit (CDs). Its extensive lending portfolio encompasses commercial and industrial financing; loans for vacant land, property development, and new home construction; mortgages for both owner-occupied and investment real estate (such as multi-family and rental properties); single-family residential loans; home equity lines of credit (HELOCs); and various consumer loans, including funding for new and pre-owned vehicles, watercraft, credit cards, and overdraft protection, alongside residential mortgage and installment options. Beyond core banking, Mercantile Bank supplies additional conveniences like courier services and secure deposit boxes. It also markets a comprehensive array of insurance policies, such as coverage for private auto, homeowners, personal inland marine, boat owners, recreational vehicles, dwelling fire, umbrella liability, small business needs, and life insurance. The bank's infrastructure further includes 22 automated teller machines (ATMs) and 19 video banking machines. As of January 18, 2022, the company maintained 44 branch locations. Established in 1997, Mercantile Bank Corporation's main office is situated in Grand Rapids, Michigan.
Key statistics
Avg. volume
129.03K
Market cap
$1.02B
P/E Ratio
10.42
Price-to-sales ratio
2.66
Enterprise value
$1.64B
Free cash flow yield
6.67%
Debt-to-equity ratio
0.91
Return on equity
13.25%
ROIC
-2.41%
Beta
0.81
Dividend yield
2.64%
Last dividend
$1.56
Financial overview
Revenue
$371.80M
Earnings per share
$5.46
Free cash flow
$11.21M
Net profit margin
24.79%
Gross margin
67.99%
EBITDA
$106.50M
Revenue growth
2.74%
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This is not an investment recommendation
How to buy Mercantile Bank from India
Indian residents can buy Mercantile Bank shares through Paasa in four steps. Funds leave India under the RBI's Liberalised Remittance Scheme and the shares are held in your own name with Interactive Brokers.
Open a Paasa account
Complete digital KYC with your PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Add funds under LRS
Transfer INR from your Indian bank account. Your bank reports the remittance under the RBI's Liberalised Remittance Scheme and converts it to US dollars.
Search for Mercantile Bank and place an order
Find Mercantile Bank by name or by its ticker, MBWM, and choose an order type. You can buy by amount or by quantity — fractional shares mean there is no minimum trade size. Mercantile Bank trades 7:00 pm – 1:30 am IST; orders can only execute during that window.
Track holdings and download tax reports
Follow your Mercantile Bank position in USD and INR, and use Paasa's capital-gains and dividend statements when you file your Indian return.
Read the full guide: how to invest in Mercantile Bank from India
Trading and taxes when buying Mercantile Bank from India
Trading and limits
- Trading hours
- 9:30 am – 4:00 pm ET
- LRS limit
- $250,000Per financial year, under the RBI's Liberalised Remittance Scheme.
Tax for Indian residents
- TCS on remittance
- 20%Collected by your bank on LRS remittances above ₹10 lakh in a financial year. The TCS is adjustable against your income-tax liability.Adjusting TCS against your tax
- Capital gains in India
- 12.5% or slab rateGains on shares held for more than 24 months are long-term and taxed at 12.5%. Gains on shares held for 24 months or less are short-term and taxed at your income-tax slab rate.Capital gains explained
- Dividends
- Slab rateDividends are taxed at your slab rate in India. The US withholds tax on dividends paid to Indian residents at the treaty rate; Paasa files Form W-8BEN for you, and the tax withheld can generally be claimed as a credit in India. Mercantile Bank’s current yield is 2.64%.Dividend tax explained
- US estate tax
- May applyUS-situs assets such as US-listed shares can be exposed to US estate tax for non-US persons.US estate tax calculator
Custody. Shares are held in your own name at Interactive Brokers LLC and are SIPC-insured up to $500,000 in total, including $250,000 for cash.
FAQs
Can Indian residents buy Mercantile Bank stock?
Yes. Mercantile Bank (MBWM) has been listed on NASDAQ since 1999, in the Banks - Regional industry, and Indian residents can buy it through Paasa. You fund the account from your Indian bank under the RBI's Liberalised Remittance Scheme and the money is converted to US dollars. Shares are held in your own name at Interactive Brokers LLC and are SIPC-insured up to $500,000 in total, including $250,000 for cash.
How much does one Mercantile Bank share cost in rupees?
One Mercantile Bank share is $59.19 — about ₹5,678 at a USD/INR rate of 95.93 on 27 Sep 2026. Both the Mercantile Bank price and the rupee rate move during the day, so the rupee cost changes with them.
What are the LRS and TCS rules for buying Mercantile Bank from India?
Remit up to $250,000 per financial year under the RBI's Liberalised Remittance Scheme (LRS). Banks collect 20% tax at source on LRS remittances above ₹10 lakh in a financial year; the TCS is adjustable against your income-tax liability. FX and the LRS declaration are handled by your bank when you fund your account.
Can I buy whole shares of Mercantile Bank?
Yes. One Mercantile Bank share is $59.19, and you can buy as many whole shares as you like. You can also buy by amount rather than by quantity: there is no minimum trade size, and Paasa supports fractional investing in Mercantile Bank.
How are gains on Mercantile Bank shares taxed in India?
The US does not levy capital gains tax on shares for Indian residents, so the tax is an India-side one. Gains on shares held for more than 24 months are long-term and taxed at 12.5%. Gains on shares held for 24 months or less are short-term and taxed at your income-tax slab rate. The gain is computed in rupees using the USD/INR rate on the purchase and the sale date, so the rupee move counts alongside the Mercantile Bank price. Paasa issues a capital-gains statement for your return.
Does Mercantile Bank pay a dividend, and how is it taxed in India?
Yes. Mercantile Bank pays a dividend and the current yield is 2.64%; the last declared dividend was $1.56 per share, about ₹149.65. Dividends are taxed at your slab rate in India. The US withholds tax on dividends paid to Indian residents at the treaty rate; Paasa files Form W-8BEN for you, and the tax withheld can generally be claimed as a credit in India. Paasa's dividend report lists the gross dividend and any tax withheld for each payment.
When can I trade Mercantile Bank from India?
NASDAQ trades 7:00 pm – 1:30 am IST in Indian time, so the close lands after midnight. The window shifts to 8:00 pm – 2:30 am IST when the US is on standard time. Orders can only execute during that window.
Is there estate or inheritance tax on Mercantile Bank shares held from India?
US-situs assets such as US-listed shares can be exposed to US estate tax for non-US persons. It applies to your overall holdings in that jurisdiction rather than to any one position. Paasa's US estate tax calculator shows the exposure for a given portfolio value.
Do I have to declare Mercantile Bank shares in my Indian tax return?
Yes. Foreign shares held on 31 March must be reported in Schedule FA of your Indian income-tax return. Paasa gives you a Schedule FA-ready statement listing your Mercantile Bank holding, its cost and its closing value.
How do I sell Mercantile Bank and bring the money back to India?
You sell during market hours (7:00 pm – 1:30 am IST) and the proceeds settle in USD in your Paasa account. From there you can hold the balance, reinvest, or repatriate. Funds can be withdrawn in any currency to any bank account in your own name. Whether the sale is short- or long-term is decided by the 24-month holding period.