Mercantile Bancorp Inc. of Quincy, Ill., agreed to sell its stake in New Frontier Bancshares Inc. of St. Charles, Mo., for $6.8 million in cash.
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The $236 million-asset T&C Bancorp Inc. of Quincy, Ill., is buying the 36.4% stake.
The deal, announced last week, is expected to close in the fourth quarter.
The $1.6 billion-asset Mercantile decided to sell its stake after agreeing to buy HNB Financial Services Inc. of Hannibal, Mo., for $30.2 million in cash. That deal, set to close this quarter, would make Mercantile a direct competitor to New Frontier.
Mercantile has invested $4.7 million in New Frontier since 2000, the year after New Frontier was founded.
