announced it has filed all necessary regulatory applications to combine one
of its Missouri-chartered institutions, Perry State Bank, with certain
operations of HNB Financial Services, Inc., a wholly owned subsidiary of
Mercantile Bancorp. Subject to regulatory approval, the consolidation is
scheduled to be effective September 5, 2008.
A year ago, Mercantile announced its intent to seek approval to consolidate
Perry State under the HNB National Bank name. Perry State’s four
facilities will continue operating, noted management. The combined HNB
National Bank operations will have more than $330 million in assets,
serving the Missouri communities of Hannibal, Perry, Monroe City, Palmyra,
Bowling Green, Troy and Wentzville. Ronald B. Verdier will serve as
president and CEO of the resultant entity; Glen A. Bailey will serve as
regional president. Verdier is the president of HNB National Bank and
Bailey is currently president of Perry State Bank.
“The expanded number of HNB locations will give us increased presence and
visibility in these important markets,” said Ted T. Awerkamp, president and
CEO of Mercantile Bancorp. “The Perry State locations complement HNB’s
locations — one of the many reasons we acquired HNB Financial last year.
We are well under way in the process of creating a seamless transition for
our valued Perry State Bank customers. We anticipate providing the same
high service levels they expect while being able to offer a greater variety
of services and banking capabilities.”
Awerkamp noted the holding company expects the consolidation to generate
operational efficiencies and regulatory and compliance expense savings.
Due in part to the current banking environment, data servicing contractual
issues, complex regulatory considerations and timing, Awerkamp said
Mercantile determined selling Perry State’s Missouri banking charter was
About Mercantile Bancorp
Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company
with majority-owned subsidiaries consisting of three banks in Illinois, two
banks in Missouri and one bank in each of Kansas and Florida, where the
Company conducts full-service commercial and consumer banking business,
engages in mortgage banking, trust services and asset management, and
provides other financial services and products. The company operates a
loan production office in Indiana. In addition, the Company has minority
investments in 9 community banks in Missouri, Georgia, Florida, Colorado,
California and Tennessee. Further information is available on the
company’s website at http://www.mercbanx.com.
This release contains information and “forward-looking statements” that
relate to matters that are not historical facts and which are usually
preceded by the words “may,” “will,” “should,” “could,” “would,” “plan,”
“potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,”
“expect,” “target” and similar expressions. These forward-looking
statements are subject to significant risks, assumptions and uncertainties.
Because of these and other uncertainties, our actual results may be
materially different from those described in these forward-looking
statements. The forward-looking statements in this release speak only as
of the date of the release, and we do not assume any obligation to update
the forward-looking statements or to update the reasons why actual results
could differ from those contained in the forward-looking statements.
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