Five months after raising capital by selling two banks, Mercantile Bancorp Inc. in Quincy, Ill., is turning to shareholders for more.
The $1 billion-asset company announced late Monday that it filed a registration statement for a rights offering to existing shareholders. It did not disclose how much it plans to raise from the offering.
In the statement, filed with the Securities and Exchange Commission, Mercantile said it considered other ways to raise capital but decided a rights offering is the "fairest and most equitable approach to raising capital."
It said the proceeds would be used to support its three bank units, all of which were well capitalized as of March 31.
