News Release

Mercantile Bancorp, Inc. Names Greg Murphy President of The Royal Palm Bank of Florida 

Quincy, Illinois, March 10, 2008 – Mercantile Bancorp, Inc. (AMEX: MBR) today announced the appointment of J. Gregory Murphy as president of The Royal Palm Bank of Florida, its affiliate based in Naples, Fla., subject to final regulatory approval.  Murphy joins Royal Palm after serving as president and CEO of the Community Bank of Naples, N.A.  Murphy spent nearly 10 years with the Community Bank of Naples following a banking career with AmSouth Bank and Banc Florida. 

Naples is one of the fastest-growing and most affluent communities in the United States.  Household income is among the highest levels in North America and significant growth is projected to continue, especially due to retiring baby boomers.  Royal Palm reported approximately $166 million in assets at year end 2007.

“We sought a community banking leader to drive the Royal Palm franchise in Southwest Florida.  Greg is a distinguished member of the Naples community and his leadership will be instrumental in guiding The Royal Palm Bank through its future growth phase,” said Ted Awerkamp, President and CEO of Mercantile Bancorp, Inc.  “Mercantile Bancorp is fortunate to have an individual of Greg’s caliber join our company of community banks.”

Murphy received his Bachelor of Arts degree in Business Administration from Wittenberg University in Ohio and has been a Naples resident for nearly 20 years.  The company anticipated Murphy will begin his duties as president of Royal Palm on March 10.

The Royal Palm Bank of Florida founder and former president Arnold J. Haake retired in mid-February 2008.  “Arnie had the vision and energy to build Royal Palm into a quality community bank foundation serving the Naples, Marco Island and Ft. Myers communities,” said Awerkamp. “We thank Arnie for his service and congratulate him on his success.”

About Mercantile Bancorp
Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with majority-owned subsidiaries consisting of three banks in Illinois, three banks in Missouri and one bank in each of 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 10 community banks in Missouri, Georgia, Florida, North Carolina, Colorado, California and Tennessee.

Forward-Looking Statements
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