Mercantile Bancorp Declares Quarterly Dividend; Announces Annual Meeting Results

QUINCY, Ill., May 20 /PRNewswire-FirstCall/ -- Mercantile Bancorp, Inc.
(AMEX: MBR) announced today that its board of directors declared a quarterly
cash dividend of 6 cents per share. The dividend is payable June 16, 2008 to
shareholders of record at the close of business on June 2.
At its annual meeting of stockholders held May 19, 2008, shareholders
elected eight directors, ratified the appointment of independent auditors and
voted against a proposed Equity Incentive Plan. At the meeting, shareholders
voted to reelect each of the following as directors for a one-year term: Dan
S. Dugan, Ted T. Awerkamp, Michael J. Foster, William G. Keller, Jr., Frank H.
Musholt, Dennis M. Prock, Walter D. Stevenson III and James W. Tracy. Each of
the nominees received the votes of no fewer than 97 percent of the outstanding
shares.
Additionally, stockholders also ratified the selection of the accounting
firm of BKD, LLP as the independent auditors of the Company for the year
ending December 31, 2008. By a close vote, the stockholders did not approve
the proposed Equity Incentive Plan.
About Mercantile Bancorp
Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company
with majority-owned subsidiaries consisting of three banks in Illinois, three
banks in Missouri and one bank in each of 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 operates a loan production
office in Indiana. In addition, the Company has minority investments in 10
community banks in Missouri, Georgia, Florida, North Carolina, Colorado,
California and Tennessee. Further information is available on the company's
website at http://www.mercbanx.com.
Forward-Looking Statements
This release contains information and "forward-looking statements" that
relate to matters that are not historical facts and which are usually preceded
by the words "may," "will," "should," "could," "would," "plan," "potential,"
"estimate," "project," "believe," "intend," "anticipate," "expect," "target"
and similar expressions. These forward-looking statements are subject to
significant risks, assumptions and uncertainties. Because of these and other
uncertainties, our actual results may be materially different from those
described in these forward-looking statements. The 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.
SOURCE Mercantile Bancorp, Inc.

Ted T. Awerkamp, President and Chief Executive Officer of Mercantile Bancorp,
Inc., +1-217-223-7300; or Tad Gage, or Woody Wallace, both of The Investor
Relations Company, for Mercantile Bancorp, Inc., +1-312-245-2700