Mercantile Bancorp., St. Louis, announced Friday that it plans to buy local discount broker Bruno Stolze & Co. Terms were not disclosed. The deal is expected to close in the third quarter.
The boutique would continue to operate under the Bruno Stolze name, the $32 billion-asset banking company said in a statement. J. Michael Bruno, co-founder and chairman of Bruno Stolze, is to become president of the discount brokerage division of Mercantile Investment Services, reporting to Gail Partain, the investment services company's president.