Mercantile Bancorp Deposits Itself In Ch. 11

Law360, New York (June 28, 2013, 5:24 PM EDT) -- Mercantile Bancorp Inc., an Illinois-based bank holding company, filed for Chapter 11 bankruptcy in Delaware on Thursday, citing a bad hangover from the 2008 financial crisis.

MBI agreed to sell most of its remaining assets to United Community Bancorp for $22.3 million in a stalking horse bid, Thursday’s filings say. The company listed $10 million to $50 million in assets and $50 million to $100 million in liabilities, according to the petition.

The affidavit of MBI skipper Lee Roy Keith, also submitted Thursday, shows the familiar...
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