Mercantile Bancorp to Terminate Shareholder Rights Offering
03 Novembre 2010 - 10:06PM
Marketwired
Mercantile Bancorp, Inc. (NYSE Amex: MBR) today announced it would
terminate its shareholder rights offering without acceptance of any
of the subscriptions exercised there under. The rights offering
expired on October 29, 2010. The Company's board of directors
determined that in light of the Company's stock price trading
substantially below the subscription price, it was appropriate not
to accept the subscriptions that were exercised. The Company
continues to work with its financial advisors and legal counsel in
assessing its strategic and capital-raising options.
Details of the offering and risk factors are provided in the
Company's Registration Statement filed with the SEC. This press
release does not constitute an offer for sale of any of the
securities described herein.
Investor Relations Update In addition to
notification of shareholder materials, shareholders and those who
wish to closely follow Company news may now enroll to receive email
notice of news and updates at the time of release. Register at the
Company's website or directly at the following address:
http://www.mercbanx.com/shareholders/enroll.php.
About Mercantile Bancorp Mercantile
Bancorp, Inc. is a Quincy, Illinois-based bank holding company with
majority-owned subsidiaries consisting of one bank in Illinois and
one each in Kansas and Florida, where the Company conducts
full-service commercial and consumer banking business, engages in
mortgage banking, trust services and asset management, and provides
other financial services and products. The Company also operates
Mercantile Bank branch offices in Missouri and Indiana. In
addition, the Company has minority investments in seven community
banks in Missouri, Georgia, Florida, Colorado, California, and
Tennessee. Further information is available on the company's
website at www.mercbanx.com.
Forward-Looking Statements This press
release may contain "forward-looking statements" which reflect the
Company's current views with respect to future events and financial
performance. The Private Securities Litigation Reform Act of 1995
("the Act") provides a safe harbor for forward-looking statements
that are identified as such and are accompanied by the
identification of important factors that could cause actual results
to differ materially from the forward-looking statements. For these
statements, the Company, together with its subsidiaries, claims the
protection afforded by the safe harbor in the Act. Forward-looking
statements are not based on historical information, but rather are
related to future operations, strategies, financial results or
other developments. Forward-looking statements are based on
management's expectations as well as certain assumptions and
estimates made by, and information available to, management at the
time the statements are made. Those statements are based on general
assumptions and are subject to various risks, uncertainties and
other factors that may cause actual results to differ materially
from the views, beliefs and projections expressed in such
statements. Examples of forward-looking statements include, but are
not limited to, estimates or projections with respect to our future
financial condition, results of operations or business, such as:
projections of revenues, income, earnings per share, capital
expenditures, assets, liabilities, dividends, capital structure, or
other financial items; descriptions of plans or objectives of
management for future operations, products, or services, including
pending acquisition transactions; forecasts of future economic
performance; and descriptions of assumptions underlying or relating
to any of the foregoing. These risks, uncertainties and other
factors that may cause actual results to differ from expectations,
are set forth in our Annual Report on Form 10-K for the year ended
December 31, 2009 and Forms 10Q for the quarters ended March 31,
2010 and June 30, 2010, as on file with the Securities and Exchange
Commission and include, without limitation: the effects of current
and future business and economic conditions in the markets we serve
change or are less favorable than we expected; deposit attrition,
operating costs, customer loss and business disruption are greater
than we expected; competitive factors, including product and
pricing pressures among financial services organizations may
increase; the effects of changes in interest rates on the level and
composition of deposits, loan demand, the values of loan
collateral, securities and interest sensitive assets and
liabilities may lead to a reduction in our net interest margins;
changes in market rates and prices may adversely impact our
securities, loans, deposits, mortgage servicing rights, and other
financial instruments; the legislative or regulatory developments,
including changes in laws and regulations concerning taxes,
banking, securities, insurance and other aspects of the financial
securities industry, such as the recently enacted Dodd-Frank Wall
Street Reform and Consumer Protection Act, and the extensive rule
making it requires to be undertaken by various regulatory agencies
may adversely affect our business, financial condition and results
of operations; personal or commercial bankruptcies increase; our
ability to expand and grow our business and operations, including
the establishment of additional branches and acquisition of
additional banks or branches of banks may be more difficult or
costly than we expected; any future acquisitions may be more
difficult to integrate than expected and we may be unable to
realize any cost savings and revenue enhancements we may have
projected in connection with such acquisitions; changes in
accounting principles, policies or guidelines; credit risks,
including credit risks resulting from the devaluation of collateral
debt obligations and/or structured investment vehicles on the
capital markets to which we currently have no direct exposure; the
failure of assumptions underlying the establishment of our
allowance for loan losses; construction and development loans are
based upon estimates of costs and value associated with the
complete project, which estimates may be inaccurate, and cause us
to be exposed to more losses on these projects than on other loans;
changes that occur in the securities markets; technology-related
changes may be harder to make or more expensive than we
anticipated; worldwide political and social unrest, including acts
of war and terrorism; and changes in monetary and fiscal policies
of the U.S. government, including policies of the U.S. Treasury and
the Federal Reserve Board.
The words "believe," "expect," "anticipate," "project," and
similar expressions often signify forward-looking statements. You
should not place undue reliance on any forward-looking statements.
Any forward-looking statements in this release speak only as of the
date of the release, and we do not assume any obligation to update
the forward-looking statements or to update the reasons why actual
results could differ from those contained in the forward-looking
statements.
Ted T. Awerkamp President & CEO (217) 223-7300
ted.awerkamp@mercbanx.com
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