Quincy-based Mercantile Bank is set to be sold by the end of this year, bank officials announced Thursday.
"We are proud to announce that we have a purchase agreement for Mercantile Bank," said Philip Krupps, Senior Officer for Chatham, Illinois-based United Community Bancorp.
The agreement is pending regulatory approval, but the deal is expected to close sometime in the fall.
"This is a very good company to become a part of," said Mercantile Bank President Blaine Strock.
Krupps is President of Brown County State Bank, which was purchased, along with Marine Bank and Trust, from Mercantile Bancorp by UCB in 2010. Both Krupps and Strock said that history together will benefit customers moving forward.
"UCB is a very community-minded bank, as is Mercantile," Strock said.
Krupps said the Mercantile Bank name will remain after the sale is final and customers will notice no changes in daily operations.
"It will be business as usual," Krupps said.
With the selling of the bank's charter to UCB, the holding company, Mercantile Bancorp, has filed for bankruptcy and will no longer exist once the sale is final.
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