News Release

Mercantile Bancorp, Inc. Appoints Richard Halter to Newly Created Credit Administration Position

Quincy Illinois, July 29, 2008 – Mercantile Bancorp, Inc. (AMEX: MBR) today announced that Richard J. Halter has been named Senior Vice President of Credit Administration of the Company, a newly created position, effective August 1, 2008.  Halter has been serving as Vice President of Credit Administration at Mercantile Bank, the company’s lead institution, since 2001.  He will report to Ted T. Awerkamp, President & CEO.

“We have grown to an asset size where we require a specific credit administration position at the holding company level to ensure we provide a dedicated, high-level credit and underwriting resource to our subsidiary banks,” stated Awerkamp.  “This will enable us to be highly effective in balancing the opportunities being developed across our markets and more effectively identify and manage risk.  Rick’s substantial experience and integrity will be essential in helping shape this new role, and ensuring a continual focus on our combined portfolio quality.”

Halter will be seated on each of Mercantile’s affiliated bank’s loan committees, provide guidance and direction in underwriting and credit structuring standards, ensure compliance and consistency with Company credit policies and regulatory requirements, managing collective pipeline forecasts and loan quality tracking, and assisting in the management of loan funding and intra-company loan participation pools.

Before joining Mercantile Bank, Halter was Vice President with Bank of America in Quincy, and has more than 25 years of business lending experience.  He holds a bachelor’s degree in agricultural economics from the University of Missouri-Columbia, and is a graduate of programs at the University of Wisconsin’s Graduate School of Banking, Madison, and the American Bankers Association Stonier Graduate School of Banking in Washington, D.C.

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 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.  The company operates a loan production office in Indiana.  In addition, the Company has minority investments in 9 community banks in Missouri, Georgia, Florida, Colorado, California and Tennessee. 

Forward-Looking Statements
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