Mercantile Bancorp Establishes Exercise Price for Shareholder Rights Offering
23 Septiembre 2010 - 4:15PM
Marketwired
Mercantile Bancorp, Inc. (NYSE Amex: MBR) announced today that the
Company has established an exercise price of $2.50 per Unit for its
previously announced shareholder rights offering. Shareholders of
record as of September 23, 2010 are eligible to participate in the
rights offering.
The Company will distribute, at no cost or charge to its
shareholders, subscription rights, consisting of a basic
subscription right to purchase one Unit per common share held, and
an over-subscription right to purchase additional Units. A Unit
will consist of one share of the Company's common stock, and a
warrant to acquire one share of the Company's common stock.
Holders of the Company's common stock will receive one basic
subscription right for each share of Company common stock held as
of the record date. The warrant will be a five-year warrant to
purchase one share of the common stock at a price equal to 150% of
the Unit exercise price, or $3.75, subject to the Company's right
to issue a 30-day redemption call of the warrants after the second
anniversary of the distribution date if the market price of a share
of the common stock exceeds 150% of the exercise price of the
warrant for 60 consecutive days.
Each holder of a subscription right will also be entitled to an
over-subscription right, which entitles a participant, if they have
fully exercised their basic subscription right, to subscribe for
additional Units at the same exercise price per share on a pro rata
basis, if any Units are not purchased by other holders of
subscription rights under their basic subscription rights as of the
expiration date.
The offering period will be in effect until October 29, 2010,
the expiration date of the rights offering. The Company maintains
the right to terminate the rights offering or extend the offering
period. Details of the offering and risk factors are provided in
the Company's Registration Statement filed with the SEC. This press
release does not constitute an offer for sale, or a solicitation of
an offer to buy, of any of the securities described herein.
Investor Relations Update In addition to
notification of shareholder materials, shareholders and those who
wish to closely follow Company news may now enroll to receive email
notice of news and updates at the time of release. Register at the
Company's website or directly at the following address:
http://www.mercbanx.com/shareholders/enroll.php.
About Mercantile Bancorp Mercantile
Bancorp, Inc. is a Quincy, Illinois-based bank holding company with
majority-owned subsidiaries consisting of one bank in Illinois and
one each in Kansas and Florida, where the Company conducts
full-service commercial and consumer banking business, engages in
mortgage banking, trust services and asset management, and provides
other financial services and products. The Company also operates
Mercantile Bank branch offices in Missouri and Indiana. In
addition, the Company has minority investments in seven community
banks in Missouri, Georgia, Florida, Colorado, California, and
Tennessee. Further information is available on the company's
website at www.mercbanx.com.
Forward-Looking Statements This press
release may contain "forward-looking statements" which reflect the
Company's current views with respect to future events and financial
performance. The Private Securities Litigation Reform Act of 1995
("the Act") provides a safe harbor for forward-looking statements
that are identified as such and are accompanied by the
identification of important factors that could cause actual results
to differ materially from the forward-looking statements. For these
statements, the Company, together with its subsidiaries, claims the
protection afforded by the safe harbor in the Act. Forward-looking
statements are not based on historical information, but rather are
related to future operations, strategies, financial results or
other developments. Forward-looking statements are based on
management's expectations as well as certain assumptions and
estimates made by, and information available to, management at the
time the statements are made. Those statements are based on general
assumptions and are subject to various risks, uncertainties and
other factors that may cause actual results to differ materially
from the views, beliefs and projections expressed in such
statements. Examples of forward-looking statements include, but are
not limited to, estimates or projections with respect to our future
financial condition, results of operations or business, such as:
projections of revenues, income, earnings per share, capital
expenditures, assets, liabilities, dividends, capital structure, or
other financial items; descriptions of plans or objectives of
management for future operations, products, or services, including
pending acquisition transactions; forecasts of future economic
performance; and descriptions of assumptions underlying or relating
to any of the foregoing. These risks, uncertainties and other
factors that may cause actual results to differ from expectations,
are set forth in our Annual Report on Form 10-K for the year ended
December 31, 2009 and Forms 10Q for the quarters ended March 31,
2010 and June 30, 2010, as on file with the Securities and Exchange
Commission and include, without limitation: the effects of current
and future business and economic conditions in the markets we serve
change or are less favorable than we expected; deposit attrition,
operating costs, customer loss and business disruption are greater
than we expected; competitive factors, including product and
pricing pressures among financial services organizations may
increase; the effects of changes in interest rates on the level and
composition of deposits, loan demand, the values of loan
collateral, securities and interest sensitive assets and
liabilities may lead to a reduction in our net interest margins;
changes in market rates and prices may adversely impact our
securities, loans, deposits, mortgage servicing rights, and other
financial instruments; the legislative or regulatory developments,
including changes in laws and regulations concerning taxes,
banking, securities, insurance and other aspects of the financial
securities industry, such as the recently enacted Dodd-Frank Wall
Street Reform and Consumer Protection Act, and the extensive rule
making it requires to be undertaken by various regulatory agencies
may adversely affect our business, financial condition and results
of operations; personal or commercial bankruptcies increase; our
ability to expand and grow our business and operations, including
the establishment of additional branches and acquisition of
additional banks or branches of banks may be more difficult or
costly than we expected; any future acquisitions may be more
difficult to integrate than expected and we may be unable to
realize any cost savings and revenue enhancements we may have
projected in connection with such acquisitions; changes in
accounting principles, policies or guidelines; credit risks,
including credit risks resulting from the devaluation of collateral
debt obligations and/or structured investment vehicles on the
capital markets to which we currently have no direct exposure; the
failure of assumptions underlying the establishment of our
allowance for loan losses; construction and development loans are
based upon estimates of costs and value associated with the
complete project, which estimates may be inaccurate, and cause us
to be exposed to more losses on these projects than on other loans;
changes that occur in the securities markets; technology-related
changes may be harder to make or more expensive than we
anticipated; worldwide political and social unrest, including acts
of war and terrorism; and changes in monetary and fiscal policies
of the U.S. government, including policies of the U.S. Treasury and
the Federal Reserve Board. The words "believe," "expect,"
"anticipate," "project," and similar expressions often signify
forward-looking statements. You should not place undue reliance on
any forward-looking statements. Any forward-looking statements in
this release speak only as of the date of the release, and we do
not assume any obligation to update the forward-looking statements
or to update the reasons why actual results could differ from those
contained in the forward-looking statements.
Ted T. Awerkamp President & CEO (217) 223-7300
ted.awerkamp@mercbanx.com
Mercantile Bancorp (AMEX:MBR)
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