News Release

Mercantile Bancorp, Inc. Grows to Billion Dollar Community Banking Company

Quincy, IL – November 12, 2004 - Mercantile Bancorp, Inc., (OTCBB: MBCI) a regionally owned and operated multi-bank holding company, announced that it has surpassed $1 billion in assets under management as of September 30, 2004. “This growth is a milestone for the company,” states Dan Dugan, Chairman, President, and CEO of Mercantile Bancorp, Inc.

The reporting of total assets of a banking company is a standard measurement of its size. Attaining this level of growth was a goal of the company’s management, although not its paramount goal. “All goals must relate back to our core values - providing for the safety and soundness of the deposits and assets under our management, and attentively attending to the business or personal matters of our customers. Dugan added, ”since its inception in 1906, Mercantile Trust & Savings Bank, and now the banks of Mercantile Bancorp, Inc., remain true to our core values entrusting the daily workings to quality people from generation to generation, on a level from bank to bank, community to community.”

To commemorate the achievement of this milestone and to thank the many customers who have helped the company grow, a special “Billion Dollar” certificate of deposit will be offered by most of the company’s affiliate bank members for a limited time.

Formed in 1983, the company has sought to bring together the resources of proven community banks in order to offer its market valued financial products, services, and technologies with quality community bank service. The Company is engaged in retail, commercial, and agricultural banking and provides a wide selection of financial products and services including lending, depository, trust, investment management, and other services customized to the needs of our personal, business, and civic customers.

The company is comprised of seven wholly-owned affiliate banks: Mercantile Trust & Savings Bank, with five locations in Quincy, IL; State Bank of Augusta, Augusta, IL; Marine Trust Company, Carthage, IL; Perry State Bank in Perry, Monroe City, Bowling Green, and Hannibal, MO; Brown County State Bank, Mt. Sterling, IL; Golden State Bank, Golden, IL; and Farmers State Bank of Northern Missouri in Savannah and St. Joseph, MO; and two majority-owned affiliate banks: Security State Bank of Hamilton, Hamilton, IL and Heartland Bank, Leawood, KS. In addition, the company holds minority ownership in New Frontier Bancshares, Inc., St. Charles, MO; NorthStar Bancshares, Inc., Liberty, MO; GBC Bancorp, Inc., Lawrenceville, GA; and Integrity Bank, Jupiter, FL.

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