News Release

Mercantile Bancorp, Inc. Announces Preparation For SEC Registration and American Stock Exchange Listing

Quincy, IL - March 16, 2004 -- Mercantile Bancorp, Inc. (OTCBB: MBCI) is preparing to register the company's common stock voluntarily under the federal Securities Exchange Act of 1934, according to Dan S. Dugan, its Chairman, President and CEO. The company anticipates the registration process will be complete some time this summer.

Upon effectiveness of the registration, the company will begin to file certain reports with the United States Securities and Exchange Commission, such as shareholder proxy statements and annual and quarterly financial reports. Other disclosure and corporate governance regulations will also apply. As a privately held company, Mercantile has not been obligated to make such filings or comply with such regulations.

"While registration is not mandatory for the company at this time, we believe it will bring Mercantile into conformity with the practice of many similarly situated companies," said Dugan. "We anticipate that our shareholders and the public generally will benefit from the availability of more information concerning the company. Otherwise, we expect little else will change in our business from the standpoint of the investor and customer."

Concurrently with filing for SEC registration, Mercantile Bancorp, Inc. will apply to list its common stock to trade on the American Stock Exchange. Presently, the common stock is quoted on the OTC Bulletin Board under the symbol "MBCI". "We believe this strategy compliments the company's investment in SEC registration and runs parallel to a goal of enhancing the marketability of our shareholders' investment. The American Stock Exchange has re-established itself over the last decade as an exchange focusing on small-cap companies, which we find potentially attractive for a company like Mercantile Bancorp," Dugan added.

Trading on the exchange would commence only upon the effectiveness of SEC registration and approval of the listing application. Such commencement date and a new trading symbol will be publicly released upon approval and determination.

Mercantile Bancorp, Inc. is a multi-state bank holding company headquartered in Quincy, Illinois. At December 31, 2003, Mercantile managed total assets in excess of $906 million and total deposits over $758 million. Through its majority owned and managed subsidiaries, now consisting of 6 banks in Illinois and 2 banks in Missouri, Mercantile conducts full-service commercial and consumer banking business, engages in mortgage banking, trusts services, asset management, issuing commercial paper guaranteed by Mercantile, and provides other financial services and products. In addition, Mercantile has minority investments in 5 community banks in Kansas, Missouri, Georgia and Florida.

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