Mercantile Bancorp Files for Bankruptcy to Sell Assets
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Mercantile Bancorp Inc., an Illinois bank holding company, sought bankruptcy protection with an agreement to sell virtually all its assets to United Community Bancorp Inc. for about $22.3 million.
The company, based in Quincy, Illinois, listed debt of more than $50 million and assets of less than $50 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.