Hannibal, Mo.-based HNB National Bank is acquiring Louisiana, Mo.-based Mercantile Bank.
The merger was announced in a Jan. 5 press release in the Hannibal Courier Post. The financial terms of the deal were not disclosed. The merger is expected to close during the second quarter of this year.
By acquiring the $134 million Mercantile Bank, the $671 million HNB National Bank will grow to include $805 million in assets. HNB National Bank already has 14 Missouri locations.
“We view this as a tremendous opportunity for both institutions,” said HNB Bancorp President and CEO John Zimmer. “We both have a long history in community banking, and we share a commitment to our customers, employees and communities. The principals of the banks have known each other for a number of years, and we are excited for the expanded opportunities in the communities served by Mercantile.”
Elizabeth Matteson, board chair of Mercantile Bank’s holding company Northeast Missouri Bancshares, said the merger came after her organization evaluated “the future of our organization and explored the options available to us to enhance value for the various constituencies that we serve.”