Mercantile Bancorp to liquidate estate, distribute assets under plan

By Caroline Salls

Pittsburgh, Feb. 24 - Mercantile Bancorp, Inc. filed its plan of liquidation and related disclosure statement Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company said the plan facilitates the liquidation of its estate and the distribution of assets to holders of allowed claims.

Mercantile Bancorp will not do business after the plan effective date.

Under the plan, holders of administrative claims, priority tax claims and other priority claims will be paid in full in cash.

Holders of general unsecured claims will receive distributions from the cash funds remaining in the estates, for a projected recovery of 2.5% to 3.8%.

All equity interests will be cancelled.

Mercantile Bancorp, a Quincy, Ill., bank holding company, filed for bankruptcy on June 27, 2013. The Chapter 11 case number is 13-11634.

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