Mercantile sale officially closes
Mon, 16 Dec 2013 19:53:55 GMT —
The sale of Mercantile Bank is complete.
United Community Bancorp purchased the formerly Quincy-based bank at auction in September. The deal officially closed Monday, according to a statement from a company spokeswoman.
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.
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 bankruptcy.
UCB's headquarters is located in Chatham, Ill.
With the purchase of Mercantile Bank final, UCB has approximately $1.8 billion in assets and operates four independently-chartered banks with a combined total of 33 branches in 23 communities in central Illinois and northeast Missouri.
In addition to Mercantile Bank's four Quincy locations, UCB also operates two branches in Quincy and one in Palmyra, Mo. which were acquired from Heartland Bank & Trust in October.