Illinois bank holding company files bankruptcy

Mercantile Bancorp Inc. field for protection under Chapter 11 of the United States Bankruptcy code citing a “decline in the financial markets” as a reason for the filing. The bank holding company, based in Quincy, reported assets worth less than $50 million and debts of more than $50 million. A deal to sell almost all of the company’s assets to United Community Bancorp Inc. for a little over $22 million is on the table but first must be approved by the bankruptcy court.

For more details about this bankruptcy filing read, “Mercantile Bancorp Files for Bankruptcy to Sell Assets.”

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