Mercantile Bancorp, Inc. (AMEX: MBR) announced today it has received regulatory approval to combine its two Missouri-chartered banks, Perry State Bank, with HNB National Bank, a wholly owned subsidiary of HNB Financial Services, Inc., all entities wholly owned by Mercantile. As of this date, Perry State Bank's five facilities are now HNB National Bank locations. Remaining operational and other necessary changes will continue to take place over the weekend and new HNB signage will be installed in the coming weeks.
In 2007, Mercantile announced its intent to seek approval to consolidate Perry State Bank under the HNB National Bank name. The combined operations will account for more than $350 million in assets with ten full-service locations, serving the Missouri communities of Hannibal, Palmyra, Monroe City, Perry, Bowling Green, Troy and Wentzville. Ronald B. Verdier remains president and CEO of HNB National Bank and Glen A. Bailey, formerly president of Perry State, is now HNB National Bank's regional president.
"We have been anticipating and carefully planning for this unification to ensure the transition is as seamless as possible," explained Ted T. Awerkamp, President and CEO of Mercantile Bancorp. "Employees and management at both Perry State and HNB are enthusiastic and have done an outstanding job working together to coordinate their efforts. Customers of both banks have been very positive, understanding they will continue to receive the same excellent customer care and dealing with the same bankers. Both of these banks perform and serve their communities well, and as one bank will become the preeminent banking franchise in northeast Missouri."
Awerkamp noted the holding company expects the consolidation to generate operational efficiencies and regulatory and compliance expense savings.
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