News Release

Mercantile Bancorp, Inc., Declares Regular Quarterly Cash Dividend of $0.06 Per Share, Sets Annual Meeting Date

QUINCY, Il.--(BUSINESS WIRE)--Feb. 21, 2005--Today, the Board of Directors of Mercantile Bancorp, Inc. (OTCBB: MBCI) approved a quarterly cash dividend of 6 cents per share, payable March 15, 2005, to shareholders of record at the close of business on March 1, 2005, according to Dan S. Dugan, Chairman, President and CEO.

In addition, the Board announced that the Annual Meeting of the Shareholders would be held on Monday, May 23, 2005 at the offices of Mercantile Bancorp, Inc. (the Company) , 440 Maine Street, Quincy, Illinois, and beginning at 2:00 pm.

In commenting on the Board's action, Dugan said: "We are pleased to provide our shareholders a return on their investment through payment of a cash dividend. This quarter's dividend rate is consistent with prior year practices."

The Company announced recently that its stock was approved for listing by, and will begin trading on, the American Stock Exchange effective at 8:30 CST, February 28, 2005 under the ticker symbol MBR. Approval to trade the stock on the American Stock Exchange is contingent upon compliance to all applicable Exchange listing standards on the date it begins trading.

Mercantile Bancorp, Inc. is a multi-state bank holding company headquartered in Quincy, Illinois. September 30, 2004, the Company managed total assets in excess of $1.022 billion and total deposits over $858 million. Through its majority-owned subsidiaries, now consisting of 6 banks in Illinois, 2 banks in Missouri and 1 bank in Kansas, the Company conducts full-service commercial and consumer banking business, engages in mortgage banking, trusts services, and asset management, and provides other financial services and products. In addition, the Company has minority investments in 4 community banks in Missouri, Georgia and Florida. Further information is available on the Company's website at 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," "except," "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.

Questions regarding this information should be directed to Mr. Dugan at (217) 223-7300, or by e-mail at investor.relations@mercbanx.com