SOURCE: Mercantile Bancorp, Inc.

Mercantile Bancorp, Inc.

November 23, 2009 17:36 ET

Mercantile Bancorp Announces Anticipated Filing of Quarterly Report on Form 10-Q

QUINCY, IL--(Marketwire - November 23, 2009) - Mercantile Bancorp, Inc. (NYSE Amex: MBR) today announced its plan to remedy noncompliance with a continued listing standard of the NYSE Amex LLC ("NYSE Amex"), relating to its delay in filing the Company's quarterly report on Form 10-Q for the third quarter ended September 30, 2009. The Company's common stock is listed for exchange on NYSE Amex.

The Company received a letter from the NYSE Amex dated November 17, 2009, confirming the Company had not yet filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission. The extended deadline for the report was November 16, 2009. The delay in filing has resulted in the Company's noncompliance with Sections 134 and 1101 of the NYSE Amex Company Guide. Those sections require timely filing of all reports with the SEC and NYSE Amex. The Company had notified the NYSE Amex on November 16 of the delay in filing and its anticipated noncompliance with the continued listing standard.

The Company anticipates filing its quarterly report on Form 10-Q by or before November 25, 2009. The Company believes the filing of the report will remedy the noncompliance cited in the NYSE Amex letter.

About Mercantile Bancorp

Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company with majority-owned subsidiaries consisting of three banks in Illinois and one each in Missouri, 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. The Company also operates a Mercantile Bank branch office in Indiana. In addition, the Company has minority investments in eight community banks in Missouri, Georgia, Florida, Colorado, California and Tennessee. Further information is available on the company's website at www.mercbanx.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" which reflect the Company's current views with respect to future events and financial performance. The Private Securities Litigation Reform Act of 1995 ("the Act") provides a safe harbor for forward-looking statements that are identified as such and are accompanied by the identification of important factors that could cause actual results to differ materially from the forward-looking statements. For these statements, the Company, together with its subsidiaries, claims the protection afforded by the safe harbor in the Act. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results or other developments. Forward-looking statements are based on management's expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Those statements are based on general assumptions and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs and projections expressed in such statements. These risks, uncertainties and other factors that may cause actual results to differ from expectations, are set forth in our Annual Report on Form 10-K for the year ended December 31, 2008, and Forms 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009, as on file with the Securities and Exchange Commission, and include, among other factors, the following: general business and economic conditions on both a regional and national level; fluctuations in real estate values; the level and volatility of the capital markets, interest rates, and other market indices; changes in consumer and investor confidence in, and the related impact on, financial markets and institutions; estimates of fair value of certain Company assets and liabilities; federal and state legislative and regulatory actions; various monetary and fiscal policies and governmental regulations; changes in accounting standards, rules and interpretations and their impact on the Company's financial statements. The words "believe," "expect," "anticipate," "project," and similar expressions often signify forward-looking statements. You should not place undue reliance on any forward-looking statements. Any forward-looking statements in this release speak only as of the date of the release, and we do not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.

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