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Mercantile Bancorp, Inc.: Mercantile Bancorp Subsidiaries Cited as Top Performers

^{Published on 2009-06-15 12:53:38, Last Modified on 2009-06-15 12:54:40 - Market Wire}
 

QUINCY, IL--(Marketwire - June 15, 2009) - Mercantile Bancorp, Inc. (NYSE Amex: [ MBR ]) today announced two of its wholly owned subsidiary banks were ranked in the American Bankers Association Journal among the top 100 U.S. community banks in return on average equity (ROAE) in 2008. Brown County State Bank, headquartered in Mt. Sterling, Ill., was ranked 12th nationwide in ROAE among non-subchapter S community banks and thrifts under $100 million in assets. Marine Bank & Trust, based in Carthage, Ill., ranked 67th in ROAE among non-subchapter S banks between $100 million and $3 billion in assets.

"The management teams and employees of these Mercantile affiliate banks have done an outstanding job generating business, providing superior service and managing credit quality in a challenging economy," said Ted T. Awerkamp, president and CEO of Mercantile Bancorp. "Brown County State and Marine Bank have shown tremendous leadership in their communities, generating deposits and lending to help fuel and support their local economies."

Marine Bank & Trust, with $186.5 million in assets at December 31, 2008, generated an ROAE in 2008 of 16% and grew assets approximately 10%. Brown County State Bank, with $93.3 million in assets at year-end 2008, had an ROAE of 19% and grew assets 17% during 2008.

Serving customers in Western Illinois and Eastern Iowa, Marine Bank has demonstrated particular strength in commercial and agricultural lending, noted Awerkamp. The bank operates from its main facility and two full-service branches, with the largest market share among 28 institutions in its served markets. It grew deposits 8% in 2008 and total loans rose 20%. Brown County State Bank, serving communities in Western Illinois, grew deposits 9% in 2008 and generated 16% loan growth led by agricultural and real estate lending and residential mortgages.

About Mercantile Bancorp

Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with majority-owned subsidiaries consisting of three banks in Illinois and one each in Missouri, 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 also operates a Mercantile Bank branch office in Indiana. In addition, the Company has minority investments in eight community banks in Missouri, Georgia, Florida, Colorado, California and Tennessee. Further information is available on the company's website at [ www.mercbanx.com ].

Forward-Looking Statements

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