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.