Mercantile gets approval for merger
September 8, 2008
The Herald-Whig Staff
Mercantile Bancorp Inc.
has announced it has received regulatory approval to combine Perry State Bank
with HNB National Bank, a wholly owned subsidiary of HNB Financial Services,
Inc.
Perry State Bank’s five
facilities are now HNB National Bank locations. New signage will be installed
in the coming weeks.
Mercantile last year
announced its intent to seek approval to consolidate Perry State Bank under the
HNB National Bank name. The combined operations will account for more than $350
million in assets, with 10 full-service locations serving the
Ronald B. Verdier remains president and CEO of HNB National Bank and
Glen A. Bailey, formerly president of
“We have been
anticipating and carefully planning for this unification to ensure the
transition is as seamless as possible,” said Ted T. Awerkamp,
president and CEO of Mercantile Bancorp. “Both of these banks perform and serve
their communities well, and as one bank will become the preeminent banking
franchise in northeast
Awerkamp noted the holding
company expects the consolidation to generate operational efficiencies and
regulatory and compliance expense savings.
Mercantile Bancorp,
Inc. is a Quincy-based bank holding company with majority-owned subsidiaries consisting
of three banks in
In addition, the
company has minority investments in nine community banks in
On the Net: www.mercbanx.com