Mercantile Bancorp Buying Old National
ST. LOUIS - Mercantile Bancorp said it agreed to acquire Old National Bancshares Inc., a Centralia, Ill.-based banking company, in a transaction valued at $21.6 million.
Under terms of the agreement, Old National shareholders will receive 495,000 shares of Mercantile common stock and about $5 million in cash for their shares. Old National had $173.3 million in assets at midyear.
Old National operates Old National Bank of Centralia and Farmers and Merchants Bank, Carlyle. The offer is subject to approval by Old National shareholders and banking regulators.