Mercantile Bancorp Inc. in Quincy, Ill., announced Thursday that it had agreed to buy HNB Financial Services Inc. of Hannibal, Mo., for $30.2 million in cash.
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The deal, which is expected to close in the second quarter, would move Mercantile into Palmyra, Troy, and Wentzville, Mo. HNB has five branches.
The deal would create a continuous presence for Mercantile from Marion County to St. Charles County, Mo. Mercantile has nine subsidiary banks, three in Missouri, one in Kansas, and five in Illinois.
The $1.4 billion-asset Mercantile plans to merge the $161.4 million-asset HNB into its $150 million-asset Perry State Bank in Perry, Mo. The deal price is about 1.8 times book value.
