The $1.1 billion-asset Mercantile Bancorp Inc. in Quincy, Ill., announced Thursday that it had restated its first-quarter earnings after reaching an out-of-court settlement with a brokerage firm that had sued it.
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The $2.2 million reported April 25 was trimmed to $1.9 million.
The suit was filed by an independent brokerage firm. Mercantile's Farmers State Bank of Northern Missouri had hired several of the firm's employees; the suit claimed they had taken confidential and proprietary information.
Mercantile said that though it believes the suit lacked merit, it settled because a court battle would have cost more in legal fees.
