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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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