Mercantile Bancorp's banks in Florida and Kansas close

10 months, 4 weeks ago

Regulators shut down facilities and FDIC appointed as receiver for the two banks

Mercantile Bancorp has announced that today the Royal Palm Bank of Florida was closed by the Florida Office of Financial Regulation and Heartland Bank was closed by the Kansas Office of State Bank Commissioner, each of which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for the two banks.

Royal Palm Bank, headquartered in Naples, Florida, and Heartland Bank, headquartered in Leawood, Kansas, were affiliates of Mercantile Bancorp.

Although Mercantile Bank, Royal Palm Bank and Heartland Bank were all owned by Mercantile Bancorp each is a separate entity and each is separately operated. Mercantile Bank continues to be owned by the company and its operations are not affected by the closing of the two banks, according to company officials.

Lee R. Keith, Mercantile Bancorp President and CEO, said, “Mercantile Bank continues to operate much like it has over the past 106 years and will continue to service its customers and the Quincy community with all their banking needs as it always has. Mercantile Bank is adequately capitalized and remains so after the closure of the two banks."

“Mercantile Bank remains fully committed to our customers and to the Quincy area,” said H. Blaine Strock, President and CEO of Mercantile Bank. “We have a wonderful heritage in the community and deeply appreciate the continued support of our loyal customers and employees who make our success possible and our future bright.”

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