St. Louis-based Mercantile Bancshares said Monday it had agreed to acquire a Little Rock super community bank for an estimated $155 million.
The firm said it would swap 4.75 million shares of its stock for TCBankshares, a consumer and small business bank with offices in the northern half of Arkansas. Mercantile said it would assume $12 million of preferred stock as part of the deal, which is expected to be closed next year.
The deal comes months after Mercantile came up short in its effort to acquire Worthen Banking Corp., Arkansas' largest retail franchise. Rival Boatmen's Bacshares, St. Louis, expected to close in the first quarter on its deal to buy Worthen.
