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Mercantile Bancorp, Inc. Announces Closing of The Royal Palm Bank of Florida and Heartland Bank in Kansas
Quincy, IL, July 20, 2012 - Mercantile Bancorp, Inc. (OTCQB: MBCR) (the "Company") has announced that today the Royal Palm Bank of Florida was closed by the Florida Office of Financial Regulation and Heartland Bank was closed by the Kansas Office of State Bank Commissioner, each of which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the two banks.
Royal Palm Bank, headquartered in Naples, Florida, and Heartland Bank, headquartered in Leawood, Kansas, were affiliates of the Company. Mercantile Bank in Quincy, Illinois, is a separate, Illinois state-chartered banking institution. Although Mercantile Bank, Royal Palm Bank and Heartland Bank were all owned by the Company, each is a separate entity and each is separately operated. Mercantile Bank continues to be owned by the Company and its operations are not affected by the closing of the two banks.
Lee R. Keith, President and CEO of the Company stated, "Mercantile Bank continues to operate much like it has over the past 106 years and will continue to service its customers and the Quincy community with all their banking needs as it always has. Mercantile Bank is adequately capitalized and remains so after the closure of the two banks."
"Mercantile Bank remains fully committed to our customers and to the Quincy area," declared H. Blaine Strock, President and CEO of Mercantile Bank. "We have a wonderful heritage in the community and deeply appreciate the continued support of our loyal customers and employees who make our success possible and our future bright."
About Mercantile Bancorp
Mercantile Bancorp, Inc., headquartered in Quincy, Illinois, is a regionally owned and operated bank holding company formed in 1983. The Company's affiliate bank offers a full line of FDIC-insured deposit services including checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts, as well as a complete line of lending services: consumer loans, credit cards, mortgage loans, home equity lines of credit, and commercial and agricultural loans and lines of credit. Additional services include asset management services: trusts, estate planning, and investment services.
This press release may contain "forward-looking statements" which reflect the Company’s current views with respect to future events and financial performance. These forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "seeks," "exploring," or similar expressions. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from results presently anticipated or projected. The Private Securities Litigation Reform Act of 1995 (“the Act”) provides a safe harbor for forward-looking statements that are identified as such and are accompanied by the identification of important factors that could cause actual results to differ materially from the forward-looking statements. For these statements, the Company, together with its subsidiaries, claims the protection afforded by the safe harbor in the Act. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. The words "believe," "expect," "anticipate," "project," and similar expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements. Any 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.