Mercantile Bancorp. announced plans late Monday to acquire Financial Services Corporation of the Midwest, Rock Island, Ill., for about $118 million in stock.
Financial Services, with $500 million of assets, is the parent of Rock Island (Ill.) Bank. In the pooling-of-interest transaction, $31 billion- asset Mercantile has agreed to exchange about 6.857 shares of its stock for each share of Financial Services' common stock. The deal is expected to close in the third quarter.