Mercantile Bancorp Announces Results of Annual Meeting

QUINCY, IL, May 19 (MARKET WIRE) --
Mercantile Bancorp, Inc. (NYSE Amex: MBR) today announced the results of
its annual meeting of stockholders held May 18. Shareholders elected
eight directors, ratified the selection of independent auditors and
participated in an open question and answer session.

At Monday's meeting, shareholders voted to reelect each of the following
as directors for a one-year term: Ted T. Awerkamp, Michael J. Foster,
William G. Keller, Jr., Dennis M. Prock, and James W. Tracy. Shareholders
also elected three new directors to the Board: Julie A. Brink, Alexander
J. House and James A. Senty who each fill seats left vacant by the
retirement of three directors whose terms expired. The three retiring
directors were Dan S. Dugan, Frank H. Musholt, and Walter D. Stevenson
III.

Additionally, shareholders ratified the reappointment of BKD, LLP as
independent auditors for the fiscal year ending December 31, 2009.

"We have always had the privilege of having very talented, experienced
community business leaders comprise our company's Board membership, and
our new Board is no exception," states Ted T. Awerkamp, President and CEO
of Mercantile Bancorp. "We are grateful to our retiring members for their
guidance, contributions and service throughout the years and look forward
to facing the challenges and opportunities ahead with our newest members."

Following the conclusion of the meeting, the new Board of Directors met
and voted to amend the by-laws of the company to expand the number of
voting directors from eight to nine, and elected John R. Spake, President
and CEO of Comstock-Castle Stove Company, to serve as an additional
director of the company until the 2010 annual meeting. In further action,
Dan S. Dugan was elected as a non-voting, advisory director of the
company.

About Mercantile Bancorp

Mercantile Bancorp, Inc. is a Quincy, Illinois-based bank holding company
with majority-owned subsidiaries consisting of three banks in Illinois,
and one bank in each of, Missouri, 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 a full-service
Mercantile Bank branch in Indiana. In addition, the company has minority
interests in eight 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 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.

FOR FURTHER INFORMATION:
Ted T. Awerkamp
President & CEO
(217) 223-7300
ted.awerkamp@mercbanx.com

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