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Mercantile Bank has named a new interim President and CEO.

Ted T. Awerkamp, who has served as President and CEO and also as Chairman of the Mercantile Bank since 2007 is no longer with the bank.

Lee R. Keith has been appointed as the acting and interim President and CEO of Mercantile Bancorp, Inc. and Chairman of Mercantile Bank.

As stated in a press release, the appointment is contingent on the approval of the Federal Deposit Insurance Corporation and Federal Reserve Bank.

"We are pleased to have someone of Lee Keith's experience join our management team," said Michael J. Foster, Chairman of the Company. "Lee's over 33 years in the banking industry and, in particular, his leadership in restoring six problem banks to a financially sound position make him an excellent leader to move Mercantile forward in these difficult times."

KHQA will continue to follow these recent developments and bring you more details as they are released.