Illinois bank opens first Indiana office in Carmel

Mercantile Bancorp Inc., a Quincy, Ill., holding company with locations in four states, plans to open a loan-production office in Carmel as the bank’s entry into Indiana.

Headed by former First Indiana Bank Vice President Kevin Murphy, the office will focus on business loans of $5 million to $15 million.

Mercantile CEO Ted Awerkamp said Mercantile was considering chartering a bank in Carmel until Mercantile acquired banks in Florida and Missouri and focused its resources on integrating them. Thus, the $15 million needed to launch a charter didn’t make financial sense.

The decision to opt for a loan office also was made before a friend introduced Awerkamp to Murphy, which would have given the bank a leader to launch a charter.

“To extend capital and establish a brand new charter in a market that we didn’t have a banker in hand or in mind, that was just a risk profile we didn’t think made sense,” Awerkamp said.

Mercantile holds minority investments in 10 community banks in seven states outside Illinois, but not in Indiana.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.