Mercantile to Buy Roosevelt Financial

Mercantile Bancorp Inc. agreed to acquire Roosevelt Financial Group Inc. for $1.07 billion, as Missouri’s second-largest bank prepares to compete with growing rivals such as Boatmen’s Bancshares Inc. After the merger, Mercantile would have $30 billion of assets, 23% of all the money deposited in Missouri banks and thrifts, and become the second-largest bank in Kansas City. Chesterfield, Mo.-based Roosevelt shares rose $2.39 to close at $30.52 on Nasdaq, while St. Louis-based Mercantile fell $1 to close at $49.75 on the New York Stock Exchange.