Mercantile Bancorp Announces Agreement for Sale of Two Missouri Branches of Mercantile Bank

Mercantile Bancorp, Inc. MBR today announced that its subsidiary, Mercantile Bank, has entered into a definitive agreement to sell two Mercantile Bank branches located in Savannah and St. Joseph, Missouri, excluding the trust and brokerage divisions which are retained by Mercantile Bank, to HNB National Bank headquartered in Hannibal, Missouri, contingent upon customary closing conditions, including bank regulatory approvals. Pursuant to the terms of the agreement, Mercantile Bank will sell approximately $63 million in loans to HNB National Bank and HNB National Bank will assume up to $74 million in deposits booked at the Mercantile Bank branches for a deposit premium of 1.5%.