Mercantile Bancorporation Company Overview and Financials

Mercantile Bancorporation was a Missouri-based bank holding company that operated from 1980 to 2006. It was formed through the merger of two companies, Mercantile Bank and Mercantile Trust Company.

The company's headquarters were located in St. Louis, Missouri, where it maintained a significant presence in the local banking market. Mercantile Bancorporation was a major player in the region's financial industry.

Financially, the company reported assets of over $25 billion in 2005, making it one of the largest banks in the Midwest at the time. Its impressive size and reach allowed it to offer a wide range of financial services to its customers.

Expand your knowledge: Zions Bancorporation Subsidiaries

Mercantile Bancorporation was formed in 1970 as a holding company to allow the company to acquire other banks and expand beyond St. Louis.

The company underwent significant changes in leadership, with Thomas H. Jacobsen replacing Donald E. Lasater as president, chief executive, and chairman in 1989.

Mercantile Bancorporation made several key acquisitions, including the pending purchase of Southwest Bancshares Inc. in January 1995 for $23 million in stock.

For another approach, see: Zions Bancorporation

In March 1996, the company announced the pending acquisition of Today's Bancorp for $87.2 million in cash and stock, which included two banks and 12 offices.

The company continued its expansion plans, announcing in July 1997 its intention to acquire Horizon Bancorp, although the exact amount of the acquisition was not disclosed.

Mercantile Bancorporation's history of acquisitions ultimately led to its own acquisition by another company, U.S. Bancorp, in 1999.

Discover more: U S Bancorp Subsidiaries

Mercantile Bancorporation had a significant presence in Missouri, with over 500 branches in the state, Illinois, Iowa, and Arkansas by the end of 1996. This expansion was due in part to several key acquisitions, including the purchase of Mark Twain Bancshares Inc. and Roosevelt Financial Group Inc.

In Iowa, Mercantile acquired several banks, including Metro Bancorporation and Hawkeye Bancorp, which added to its existing presence in the state. By 1998, Mercantile had a total of 65 bank offices in Iowa.

Mercantile's expansion efforts in Missouri and Iowa demonstrate the company's commitment to growth and its ability to adapt to changing market conditions.

For your interest: Alabama National BanCorporation

Missouri is a key state in Mercantile Bank's history, with a significant expansion in the 1990s. Mercantile announced the acquisition of Ameribanc in November 1991, which was completed in April 1992.

Mercantile continued to grow in Missouri with the acquisition of United Postal Bancorp in August 1993, completed in January 1994. This acquisition added to Mercantile's presence in the state.

In 1994, Mercantile announced the acquisition of Central Mortgage Bancshares Inc., but the details of this acquisition are not specified in the article. Mercantile's expansion in Missouri continued with the acquisition of AmeriFirst Bancorporation in February 1995, completed in April 1996 is not mentioned, but the acquisition was completed in April 1997 is not relevant here.

Today, United Community Bank, as the successor to Mercantile Bank, operates in Missouri with a significant presence.

Mercantile's expansion in Illinois began in 1986 with the acquisition of First Bancshares Corp. of Illinois.

The company acquired Old National Bancshares in 1991, which had two banks at the time. This acquisition was completed in December 1991 for $22 million in stock and cash.

Here's an interesting read: Continental Illinois

First Sterling Bancorp was acquired in 1995 for $24 million, and its First National Bank of Sterling-Rock Falls subsidiary was included in the deal.

Regional Bancshares Inc. was acquired in 1996 for $41 million, along with its Bank of Alton subsidiary.

Firstbank of Illinois Company was acquired in 1998 for $697 million in stock, and it had 48 offices in Illinois and Missouri at the time.

Financial Service Corporation of the Midwest was acquired in 1998 for $118 million in stock, and its Rock Island Bank subsidiary was part of the deal.

See what others are reading: Park Sterling Bank

Iowa is a key state in Mercantile's expansion plans. In July 1993, Mercantile announced the pending acquisition of Metro Bancorporation with its subsidiary Waterloo Savings Bank for $55 million in stock.

The acquisition was completed in January 1994, marking a significant milestone in Mercantile's growth. This move helped Mercantile establish a strong presence in the region.

In December 1994, Mercantile announced plans to acquire Plains Spirit Financial Corporation with its First Federal Savings Bank of Iowa subsidiary, although the acquisition amount was undisclosed.

A major expansion in Iowa occurred in August 1995, when Mercantile announced plans to acquire Hawkeye Bancorp with its 65 bank offices for $351 million in stock. This acquisition significantly increased Mercantile's reach in the state.

The acquisition of Hawkeye Bancorp was a strategic move, allowing Mercantile to tap into new markets and customers. In May 1998, Mercantile announced plans to acquire First Financial Bancorporation and its First National Bank Iowa subsidiary for $169 million in stock.

The acquisition was completed in September 1998, further solidifying Mercantile's position in Iowa.

In Arkansas, Mercantile made a significant move in 1994 by announcing plans to acquire TC Bankshares Inc. for $155.7 million in stock.

The acquisition was a major expansion for Mercantile, which had been growing its presence in the region.

In December 1994, the plans were officially announced, marking a significant milestone in Mercantile's history in Arkansas.

In Kentucky, Mercantile made a significant move in 1998.

The company announced plans to acquire the Paducah-based CBT Corporation for $285 million in stock in January of that year.

This acquisition was completed in July 1998, marking a major expansion for Mercantile in the state.

The acquisition included the holding company for four banks, further establishing Mercantile's presence in Kentucky.

In May 1999, Firstar announced the pending acquisition of Mercantile Bancorporation for $10.6 billion in stock.

The acquisition was completed in September 1999, after Firstar had already formed by merging with Firstar Corporation in November 1998.

Jerry Grundhofer remained as president and chief executive officer of Firstar, while Thomas H. Jacobsen, Mercantile's chief executive, took on the role of chairman of Firstar.

Intriguing read: Firstar Corporation

In November 1998, Star Banc Corporation completed the acquisition of Firstar Corporation to form the new Firstar.

The acquisition was a significant move that paved the way for Firstar to expand its operations.

Just five months later, in May 1999, Firstar announced the pending acquisition of Mercantile Bancorporation for $10.6 billion in stock.

The acquisition was completed in September 1999, marking a major milestone for the company.

After the merger, Jerry Grundhofer remained as president and chief executive officer of Firstar, while Thomas H. Jacobsen, Mercantile's chief executive, became chairman of Firstar.

Mercantile Bancorporation Inc made some major moves in the banking industry. They acquired Financial Service Corp of Midwest for $118 million in stock, and later agreed to acquire CBT Corp for about $285 million in stock.

Mercantile Bancorporation Inc was on a roll, acquiring more companies to expand their reach. They acquired CBT Corp for about $285 million in stock, and also agreed to acquire rival Roosevelt Financial Group Inc for $1.07 billion in stock and cash.

This acquisition made Mercantile the biggest bank in Missouri, surpassing Boatmen's Bancshares. They also gained a significant market share in Kansas, Iowa, and Illinois.

Here are some key acquisitions made by Mercantile Bancorporation Inc:

Mercantile also acquired Today's Bancorp Inc. of Freeport, Illinois for $87.3 million in stock and cash. This acquisition added $518 million in assets and 12 offices to Mercantile's portfolio.

Mercantile Bancorporation has received an upgrade in rating from Hovde Group, who now predicts the company will outperform the market. This upgrade was announced on January 22nd.

The price target for Mercantile Bank has been raised to $54, up from $47. This is a significant increase that may be of interest to investors.

On January 21st, Mercantile Bank Corporation held its Q4 2024 Earnings Call.

Mercantile Bank Corporation recently held its Q4 2024 Earnings Call on January 21, 2025.

The company received a positive upgrade from Hovde Group, which upgraded Mercantile Bank to Outperform from Market Perform, and raised its price target to $54 from $47.

Mercantile Bank Corporation's stock is represented by the ticker symbol MBWM Stock.

Here's a quick recap of the key financial institutions mentioned so far:

The upgrade from Hovde Group suggests a positive outlook for Mercantile Bank Corporation.

Mercantile Bank Corporation recently increased its regular cash dividend, a move that's great news for its shareholders.

This dividend increase was declared on January 16, 2025, by the company's Board of Directors.

The fact that Mercantile's Board of Directors took action to increase the dividend suggests that the company is in a strong financial position.

This is a positive sign for investors, as it indicates that the company has the ability to distribute more cash to its shareholders.

Mercantile Bank Corporation trades on the NASDAQ under the ticker symbol MBWM.

Consider reading: Banks Board Bureau

Mercantile Bancorporation has seen significant growth in its sales, particularly in the banking sector. In December 2021, the company reported $184M in banking sales, a notable increase from 2019.

The company's geographical breakdown of sales shows a strong presence in the United States. In December 2023, Mercantile Bancorporation reported $218M in sales from the United States market.

Here's a breakdown of the company's sales by fiscal period:

Let's take a closer look at how sales by activity can impact a company's overall performance. For Mercantile Bank Corporation, banking sales have been steadily increasing over the years.

In 2019, banking sales were at 150M. This number dropped to - (no data available) in 2020, but then rebounded in 2021 to 184M. By 2022, sales had dropped slightly to 183M, but by 2023, they had risen again to 218M.

Here's a breakdown of the sales by activity for Mercantile Bank Corporation over the years:

Sales by Region is a crucial aspect of any business, and Mercantile Bank Corporation is no exception. Their sales data shows a significant growth in the United States.

In 2021, Mercantile Bank Corporation's sales in the United States reached 184M, a notable increase from previous years. This growth is a testament to the bank's expanding presence in the region.

Here's a breakdown of the bank's sales by region over the years:

The data shows a steady increase in sales in the United States, with a notable spike in 2023. This suggests that the bank's strategies are paying off and they're making headway in the region.

Mercantile Bancorporation's corporate structure was led by a strong management team. The company had a President and CEO who oversaw the entire organization.

The President and CEO was responsible for setting the overall direction and strategy of the company. This included making key decisions about the company's growth and development.

The company's Board of Directors played a crucial role in providing oversight and guidance to the management team. The Board consisted of experienced professionals who brought a wealth of knowledge and expertise to the table.

The Executive Committee is a crucial part of any corporation's structure, responsible for making key decisions and overseeing the overall direction of the company.

Raymond Reitsma serves as the CEO, having taken on the role in May 2024, bringing 62 years of experience to the position.

Charles Christmas has been with the company for an impressive 24 years, serving as the Director of Finance/CFO since December 1998.

Scott Setlock joined the Executive Committee in December 2023 as the Chief Operating Officer, bringing a fresh perspective to the team at the age of 43.

Brett Hoover has been the Human Resources Officer since December 2022, overseeing the company's HR operations.

Here is a brief overview of the Executive Committee members:

The Board of Directors is a crucial part of any corporation's corporate structure. It's responsible for making key decisions that impact the company's direction and growth.

David Ramaker, at 69 years old, has been a Director/Board Member since August 2020. Michael Price, the current Chairman, has been in this role since 1996, a remarkable 27 years. His experience and leadership have undoubtedly contributed to the company's success.

The Board consists of 9 members, each bringing their unique skills and perspectives to the table. Robert Kaminski, Michelle Eldridge, and Thomas D. Dickinson are all Directors/Board Members, having joined the Board in 2016, 2016, and 2024, respectively.

Here's a breakdown of the Board's composition:

The average age of the Board members is around 62 years old. This experience and collective wisdom are essential in guiding the company's strategic decisions.

The corporate structure of a company is like a well-organized puzzle, and one of the key pieces is the group of companies it owns.

Mercantile Bank Corporation has a group of companies under its umbrella, which includes Mercantile Bank of Michigan.

Here's a quick rundown of Mercantile Bank of Michigan's key info: it's a regional bank that offers a range of financial products and services, including checking and savings accounts, mortgage loans, and business loans.

Mercantile Bank of Michigan was founded in 1997 and is headquartered in Grand Rapids, MI.

Mercantile Bancorporation is a commercial bank, and as such, it's part of a larger industry that's constantly evolving.

In recent days, Mercantile Bank Corporation has seen a 1.71% increase in its value. This is a notable change, especially when compared to other commercial banks.

The Agricultural Bank of China Limited, on the other hand, has seen a -3.14% decrease in its value. This is a significant drop, and it's worth noting that it's not the only commercial bank experiencing a decline.

ICICI Bank Limited has also seen a -1.50% decrease in its value. This is in line with other commercial banks that have experienced a decline in recent days.

PT Bank Central Asia TBK has seen a -1.17% decrease in its value. This is a smaller decline compared to some of the other commercial banks on this list.

A key aspect of commercial banks is their capitalization. The average capitalization of the commercial banks listed here is 69.57B.

If this caught your attention, see: Ubs Recent Deals