LOUISIANA, Mo. — The announcement was made Friday, January 6, 2023, that The Mercantile Bank of Louisiana is merging with HNB Bank. A joint announcement was issued by John D. Zimmer, President and CEO of HNB Bancorp, Inc. and Elizabeth Fry Matteson, Chairman of the Board, and G. Jackson Jones, President and CEO of Northeast Missouri Bancshares, Inc.

Matteson noted that Mercantile Bank is pleased to be able to partner with HNB.

“As we looked at the future of our organization and explored the options available to us to enhance value for the various constituencies that we serve, we made the strategic decision to partner with an organization that shared our commitment to community banking and excellent customer service,” she added.

“We view this as a tremendous opportunity for both institutions,” Zimmer stated. “We both have a long history in community banking and we share a commitment to our customers, employees and communities. The principals of the banks have known each other for a number of years and we are excited for the expanded opportunities in the communities served by Mercantile.”

The Mercantile Bank is a Missouri State-Chartered Commercial Bank headquartered in Louisiana, with total assets of approximately $134 million as of December 31, 2022.

HNB Bank is a National Banking Association headquartered in Hannibal, with total assets of approximately $671 million as of December 31, 2022.

The combined bank will have assets of $805 million. HNB National Bank currently operates in 14 locations serving Hannibal, Palmyra, Perry, Monroe City, Bowling Green, Wentzville, Troy, St. Joseph, Savannah and Stanberry in Missouri. Zimmer stated, “We are very excited about becoming a part of the Louisiana community.”

Financial terms of the transaction have not been disclosed. The merger is subject to HMBI shareholder approval, regulatory approval and other customary conditions. It’s expected to be completed in Spring of 2023.