Mercantile Bancorp Inc. of Quincy, Ill., said Thursday that it stands to make $4 million on First Charter Corp.'s recently announced acquisition of GBC Bancorp Inc.
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The $1.5 billion-asset Mercantile purchased 5% of GBC, a $418 million-asset company in Lawrenceville, Ga., in December 2001 for $14 a share. On June 1 the $4.3 billion-asset First Charter, of Charlotte, announced plans to purchase GBC for $102 million, or roughly $24 a share. The deal is expected to close in the fourth quarter.
"Strategic investments in other banking institutions, particularly start-up or de novo banks, are an important part of our growth strategy," Dan S. Dugan, Mercantile's chairman, president, and chief executive officer, said in a press release.
