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Mercantile Bancorp seeks bankruptcy protection in sale agreement Updated

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Mercantile bank sale to United Community Bancorp, Inc. is complete

Mercantile bank sale to United Community Bancorp, Inc. is complete

4 months ago From UCB

UCB now has approximately $1.8 billion in assets

From Mercantile:

Mercantile Bank announced today that its sale to United Community Bancorp, Inc. (UCB) is complete. With the purchase of Mercantile Bank final, UCB has approximately $1.8 billion in assets and operates four independently-chartered banks with a combined total of 33 branches in 23 communities throughout central Illinois and northeast Missouri.

“We are pleased the sale is final,” said Lee Keith, Chairman of Mercantile Bank. “Our new ownership provides the bank with the strength and opportunity to continue to bring our customers the best-in-class financial services from the bank they have trusted since 1906. Our customers will see the same faces and they can look forward to enhanced services and conveniences as a result.”

“Mercantile Bank is a great community bank with significant customer relationships. We have long-sought this opportunity to add Mercantile Bank’s presence to our own; and with the completion of this purchase, our company has acquired a vital local banking institution that will continue to benefit the Quincy area,” stated Todd Wise, President and CEO of United Community Bank. “UCB is pleased to welcome the employees and customers of Mercantile Bank, which will continue to operate as Mercantile Bank.”

In addition to Mercantile Bank’s four Quincy locations, UCB also operates two branches in Quincy and one in Palmyra, MO which were acquired from Heartland Bank & Trust in October.

From UCB: 

On Monday, December 16, 2013, United Community Bancorp (UCB) completed the acquisition of Mercantile Bank in Quincy, Illinois.  This acquisition increases the number of UCB locations to 34 across downstate Illinois and northeastern Missouri.  The acquisition increases UCB’s presence in Quincy to a total of six branches and ten ATMs.  Mercantile Bank has assets of $360 million.

“UCB is excited to expand our presence in Quincy and increase our support of the community,” said United Community Bank Chairman Robert Narmont.  “We look forward to becoming more involved in the community as we provide excellent service, new technology and the latest in financial products to our Quincy customers.  UCB has a longstanding tradition of community banking and a 100-year track record of strength and stability.”

United Community Bancorp, Inc. was established in 1973. Its first bank, in Greene County, opened in 1907.  With the completion of this transaction, UCBancorp has an asset size of $1.8 billion and operates 34 locations in 23 communities including Springfield, Chatham, Auburn, Augusta, Bunker Hill, Bushnell, Carlinville, Carthage, Colchester, Divernon, Gillespie, Golden, Greenfield, Hamilton, Loami, Macomb, Mt. Sterling, Pawnee, Pittsfield, Quincy, Roodhouse and Winchester in Illinois, and Palmyra, Missouri.

 

UCB carries the highest 5-star rating with Bauer Financial and a perfect 300 performance rating with IDC Financial.


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