QUINCY, Ill., Jan. 2 /PRNewswire-FirstCall/ -- Mercantile Bancorp, Inc. announced it completed a three-for-two split of its common stock, first announced on November 20, 2007. The adjusted stock price was first reflected in trading on December 31, 2007.
The company said it has 12 million shares of common stock authorized, and prior to the split there were 5,806,485 shares outstanding and 118,305 shares in treasury. The split, which took effect end-of-day December 28, increased the number of shares outstanding to 8,709,727 from 5,806,485, and the number of shares in the company's treasury to 177,457 shares from 118,305. Fractional shares created by the split were paid in cash.
In the final day of trading before the split, December 28, 2007, the stock closed at $26.25. On December 31, the adjusted closing price was $17.59.
"We feel this stock split will make our stock more accessible to investors, and in the long run enhance liquidity," said Ted T. Awerkamp, President and CEO. "In June 2006 we conducted a three-for-one stock split. We believe it's appropriate to again increase our common shares and also to keep them in a price range investors have found appealing."
About Mercantile Bancorp Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with majority-owned subsidiaries consisting of three banks in Illinois, three banks in Missouri and one bank in each of Kansas and Florida, where the Company conducts full-service commercial and consumer banking business, engages in mortgage banking, trust services and asset management, and provides other financial services and products. In addition, the Company has minority investments in 10 community banks in Missouri, Georgia, Florida, North Carolina, Colorado, California and Tennessee. Further information is available on the company's website at http://www.mercbanx.com/.
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