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Mercantile Bancorp Inc. Expands Successful Carmel, Indiana Location
Carmel, Ind., April 22, 2009 - Following a year of growth and solid performance at its year-old Carmel, Indiana loan production office, Mercantile Bancorp, Inc. (NYSE Amex: MBR) announced the facility has been expanded to a full-service branch of Mercantile Bank, the company's Quincy, Ill.-based flagship institution. The lending office will continue operating in its current location in the Village of WestClay and will maintain its focus on serving the small to midsize businesses in the Carmel and Indianapolis area. The full-service branch, located in the same Village Center Shoppes building, is now operating in the former CIB/Marine Bank space at 12813 East New Market Street, and offers area residents and businesses a new choice for all of their banking needs.
The Carmel facilities, headed by Regional President Kevin Murphy, tap into the local expertise of lifelong area bankers with more than a century of experience. The lending office specializes in loans of $500,000 to $10 million with a deep knowledge of the local economy, while the new branch provides a critical retail presence to the growing operation.
Michael Branigan has been named branch's manager, and Debbie McBride and Jean Terrell have joined the staff to bring a complete line of quality, affordable financial solutions and high-level personal service to area consumers and businesses. This includes traditional banking accounts, convenience and online services, and life and business planning solutions.
Murphy explained: "Our experienced team is a big differentiator. Each one of our people would be highly desired by any institution in the area. The primary story here is that we have a lot of local market knowledge. We know our customers, or get to know them well, and we don't have a one-size-fits-all approach. As a team, we offer as much experience as any bank in the area can offer today, and superior knowledge of the area's businesses and their needs, which is critical to success in a tough environment for banks and businesses alike.''
Murphy, who lives in Carmel, was previously First Vice President and Manager of commercial lending with M&I Bank, formerly First Indiana Bank, whose north side lending office he established in 1999. He began his banking career locally in 1984 with Indiana National Bank, and through various mergers and acquisitions, held senior lending positions with NBD Bank and Union Planters Bank. He received his MBA from Butler University in Indianapolis and his bachelor's degree in finance from the Indiana University in Bloomington. He has served as coach and board member for many years in local youth hockey programs and currently coaches a Carmel Dads' Club lacrosse team.
"Kevin and his team have delivered everything we expected, and more," said Ted T. Awerkamp, president and CEO of Mercantile Bancorp. "Carmel has proven resilient even in difficult times, which says a great deal about the vibrancy and can-do spirit of its community."
About Mercantile Bancorp
Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with majority-owned subsidiaries consisting of one bank each in Illinois, 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 Mercantile Bank branch offices in Indiana and three in Missouri. In addition, the Company has minority investments in eight community banks in Missouri, Georgia, Florida, Colorado, California and Tennessee.
Forward-Looking Statements
This press release may contain "forward-looking statements" which reflect the Company’s current views with respect to future events and financial performance. 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. Examples of forward-looking statements include, but are not limited to, estimates or projections with respect to our future financial condition, results of operations or business, such as: projections of revenues, income, earnings per share, capital expenditures, assets, liabilities, dividends, capital structure, or other financial items; descriptions of plans or objectives of management for future operations, products, or services, including pending acquisition transactions; forecasts of future economic performance; and descriptions of assumptions underlying or relating to any of the foregoing. These risks, uncertainties and other factors that may cause actual results to differ from expectations, are set forth in our most recent Annual Report on Form 10-K and Forms 10Q as on file with the Securities and Exchange Commission and include, without limitation: the effects of current and future business and economic conditions in the markets we serve change or are less favorable than we expected; deposit attrition, operating costs, customer loss and business disruption are greater than we expected; competitive factors, including product and pricing pressures among financial services organizations may increase; the effects of changes in interest rates on the level and composition of deposits, loan demand, the values of loan collateral, securities and interest sensitive assets and liabilities may lead to a reduction in our net interest margins; changes in market rates and prices may adversely impact our securities, loans, deposits, mortgage servicing rights, and other financial instruments; the legislative or regulatory developments, including changes in laws and regulations concerning taxes, banking, securities, insurance and other aspects of the financial securities industry, such as the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, and the extensive rule making it requires to be undertaken by various regulatory agencies may adversely affect our business, financial condition and results of operations; personal or commercial bankruptcies increase; our ability to expand and grow our business and operations, including the establishment of additional branches and acquisition of additional banks or branches of banks may be more difficult or costly than we expected; any future acquisitions may be more difficult to integrate than expected and we may be unable to realize any cost savings and revenue enhancements we may have projected in connection with such acquisitions; changes in accounting principles, policies or guidelines; credit risks, including credit risks resulting from the devaluation of collateral debt obligations and/or structured investment vehicles on the capital markets to which we currently have no direct exposure; the failure of assumptions underlying the establishment of our allowance for loan losses; construction and development loans are based upon estimates of costs and value associated with the complete project, which estimates may be inaccurate, and cause us to be exposed to more losses on these projects than on other loans; changes that occur in the securities markets; technology-related changes may be harder to make or more expensive than we anticipated; worldwide political and social unrest, including acts of war and terrorism; and changes in monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board. 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.
