Daily News: July 1, 2013

Mercantile to Sell Assets to United Community Bancorp

Bloomberg reported that Quincy, IL-based Mercantile Bancorp is seeking bankruptcy protection. The article noted the bank’s intention to sell virtually all of its assets to United Community Bancorp, a transaction valued at approximately $22.3 million.

According to Bloomberg, the bank holding company listed its debt as more than $50 million; however its assets were listed as less than $50 million, citing Chapter 11 documents filed in the United States Bankruptcy Court for the District of Delaware.

To read the entire Bloomberg story, click here.