HNB Bancorp, Northeast Missouri Bancshares announce plans for merger

Hannibal National Bank

HANNIBAL, Mo. — John D. Zimmer, president and CEO of HNB Bancorp, Inc. and HNB National Bank, announced Thursday with Elizabeth Fry Matteson, chairman of the board and G. Jackson Jones, president and CEO of Northeast Missouri Bancshares, Inc. and its principal subsidiary, The Mercantile Bank of Louisiana, Mo., that the two institutions have executed an agreement of merger and plan of reorganization.

The financial terms of the transaction were not disclosed in a press release. The merger is subject to NMBI shareholder approval, regulatory approval and other customary conditions.  It is expected to be completed during the second quarter of 2023.  

“We view this as a tremendous opportunity for both institutions,” Zimmer said. “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.”

“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,” Matteson said. “We are pleased to be able to partner with HNB.”

NMBI has been represented by FORVIS Capital Advisors as its financial advisor and Polsinelli as its legal counsel.  HNB retained Shumaker, Loop & Kendrick, LLP as its legal counsel. It did not utilize a third party financial advisor.

As of Dec. 31, Mercantile had total assets of approximately $134 million and HNB Bank had total assets of approximately $671 million.  

HNB National Bank operates 14 locations in Hannibal, Palmyra, Perry, Monroe City, Bowling Green, Wentzville, Troy, St. Joseph, Savannah and Stanberry in Missouri. 

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