QUINCY, Ill. (AFX) - Mercantile Bancorp Inc., a banker in Illinois, Kansas and Missouri, on Tuesday said shareholders of Florida's Royal Palm Bancorp have agreed to a previously announced buyout for $44.4 million, or up to $25.50 per share.
If the deal clears regulatory scrutiny, Mercantile Bancorp said it should close by the end of the year.
Mercantile Bancorp Chairman and Chief Executive Dan S. Dugan said the acquisition will offer the banker access to the rapidly growing Florida Gulf Coast market and the affluent Naples-Marco Island area.
Mercantile Bancorp shares closed Wednesday at $21.80 on the American Stock Exchange.
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