News Release

Mercantile Bancorp, Inc. Promotes Michael McGrath and Dainel Cook to Executive Vice President

Quincy Illinois, December 26, 2006 – Mercantile Bancorp Inc. (AMEX: MBR) today announced that Michael P. McGrath and Daniel J. Cook have each been promoted to Executive Vice President of the Company. The promotions are effective immediately.

McGrath has been associated with Mercantile Bancorp since 1985. Most recently he served as Senior Vice President and Chief Financial Officer of the Company and Senior Vice President of its subsidiary, Mercantile Trust & Savings Bank, since 2001. Previously, he held the position of the bank's vice president & controller from 1985 to 2001. He also serves as Treasurer and CFO of the parent Company. He holds a BS in Accounting from Quincy University and the Graduate School of Banking at the University of Wisconsin-Madison. Before joining Mercantile, he spent nine years with a public accounting firm. McGrath is a Certified Public Accountant.

Cook joined Mercantile in 1994 as Senior Vice President, Investments of Mercantile Trust & Savings Bank. In 2002 he assumed additional responsibilities as President of the bank's investment subsidiary, Mercantile Investments, Inc. In 2005, Cook assumed the additional title of Vice President of the parent company and overall responsibility for the company's investment portfolio. Prior to joining Mercantile, he held investment positions at other banks and before that, was associated with major investment and investment banking firms since 1977. Cook holds a BS in Business Administration from Quincy University and the Graduate School of Banking at the University of Wisconsin-Madison. He also did graduate work in investments at Vanderbilt University, the University of South Carolina and California Polytechnic University.

“As we become a larger, more diverse banking organization, it is important that our management structure keeps up with our growth,” said Dan S. Dugan, chairman, president and chief executive officer. “Dan Cook and Mike McGrath have been, and will continue to be, key members of our management. Their promotions to executive vice president more fully recognize the extent of the major responsibilities they already hold and provide Mercantile with a more flexible management team consistent with our plans for additional growth.”

About Mercantile Bancorp
Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with majority-owned subsidiaries consisting of three banks in Illinois, two banks in Missouri and one bank in both 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. In addition, the Company has minority investments in 8 community banks in Missouri, Georgia, Florida, North Carolina and Tennessee. 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,” “expect,” “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.