St. Louis-based Mercantile Bancorp. has agreed to buy Central Mortgage Bancshares, snapping up the largest healthy independent in the coveted Kansas City, Mo., market.

In a deal announced Wednesday night, Mercantile said Central Mortgage shareholders would be paid about $22.50 a share, or about 2.14 times tangible book value, for the $629 million-asset franchise.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.