Mercantile Bank officially sold to UCB
Thu, 12 Sep 2013 21:19:19 GMT —
United Community Bancorp purchased Mercantile Bank at an auction held Thursday.
UCB's agreed to purchase 100 percent of the Mercantile Bank's common stock from its parent company Mercantile Bancorp, Inc.
The company's purchase also includes the bank's trademark logo.
"This has been a long and arduous process for all parties involved, and one we are glad to see come to such a positive resolution for so many," Todd Wise, President and CEO of United Community Bank said. "We look forward to having Mercantile Bank's strengths, heritage, employees, and its valued customers become an important part of the UCB bank family."
In June, Mercantile sought bankruptcy protection with an agreement to sell all of its assets to UCB for about $22.3 billion.
The Quincy-based bank listed more than a debt of more than $50 million and assets less than that when it filed for Chapter 11 bankrupty.
UCB's headquarters is located in Chatham, Ill.