89
      Sunday
      95 / 73
      Monday
      89 / 69
      Tuesday
      88 / 71

      Firm files objection to Mercantile Bank sale


      Mercantile Bancorp, Inc. has hit a road bump in its plans to sell.


      A media company called

      Law 360

      reports that a financial management firm filed a preliminary objection to the sale this past Monday.


      According to

      paperwork

      filed with the U.S. Bankruptcy Court, Mercantile Bancorp, Inc. was forced to seek bankruptcy protection from creditors as a result of a decline in the financial markets during 2007 and 2008, foreclosure rates, delinquency rates and default rates.


      According to a

      Bloomberg

      report, Mercantile reached an agreement to sell its assets to United Community Bancorp, Inc.


      A bankruptcy judge has scheduled a July 24 hearing.



      Click here

      for a list of Mercentile Bankcorp, Inc. creditors.

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