Mercantile Bancorp (MBR)

[mlkrborn]

MBR down to 0.80 ON MERGER NEWS;1:36AM Mercantile Bancorp merges subsidiary Mid-America Bancorp (MBR) 0.93 : Co announces it has merged its majority-owned subsidiary, Mid-America Bancorp into the co. As of March 31, 2011, co owned 55.5% of Mid-America and held subordinated debentures issued by Mid-America totaling $11.9 mln. The debentures were convertible at the co's option into common stock of Mid-America. The co will pay a total of $5,000 (~$.073 per share) for the surrender and cancellation of all shares of Mid-America stock not owned by the co, on a pro-rata basis to the holders of such shares.