ST. LOUIS - Mercantile Bancorp. said it has signed a definitive agreement to acquire privately held Amerifirst Bancorp. in a $24 million stock swap.

The $12.2 billion-asset Mercantile said it purchased Amerifirst, which has $164 million in assets, to boost its presence in southeastern Missouri. Amerifirst is based in Sikeston, about 145 miles southeast of St. Louis.

Mercantile will issue 661,385 shares of common stock in exchange for the outstanding stock of Amerifirst. Mercantile also announced it may purchase up to 65,000 shares of its own common stock in open-market transactions.

The acquisition is subject to approval of Amerifirst shareholders and regulators.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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