-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OcOsOcFuaEPl4h7BP8AZxuEhOl+pZxy5sKBdIZSc8OQs4J2Jm/l0zv+g+ex6imUy
 /ZjIJBSLELkDfnpLicDOtA==

<SEC-DOCUMENT>0000922907-09-000044.txt : 20090121
<SEC-HEADER>0000922907-09-000044.hdr.sgml : 20090121
<ACCEPTANCE-DATETIME>20090121125930
ACCESSION NUMBER:		0000922907-09-000044
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090116
FILED AS OF DATE:		20090121
DATE AS OF CHANGE:		20090121

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			PHILLIPS DEAN
		CENTRAL INDEX KEY:			0001228355

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32434
		FILM NUMBER:		09536315

	BUSINESS ADDRESS:	
		STREET 1:		C/O WESTERN GAS RESOURCES INC
		STREET 2:		1099 18TH STREET STE 1200
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		3034525603

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mercantile Bancorp, Inc.
		CENTRAL INDEX KEY:			0001289701
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				371149138
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		200 NORTH 33RD STREET
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301
		BUSINESS PHONE:		(217)223-7300

	MAIL ADDRESS:	
		STREET 1:		200 NORTH 33RD STREET
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4phillips_012109ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-01-16</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001289701</issuerCik>
        <issuerName>Mercantile Bancorp, Inc.</issuerName>
        <issuerTradingSymbol>MBR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001228355</rptOwnerCik>
            <rptOwnerName>PHILLIPS DEAN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>524 NORTH 30TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>QUINCY</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>62301</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2009-01-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>10.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1320755</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2009-01-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>208</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.85</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1320963</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">On June 20, 2006 the common stock of Mercantile Bancorp, Inc. split 3 to 1 and on December 28, 2007 the common stock of
 Mercantile Bancorp, Inc. split 3 to 2.  These stock splits resulted in the reporting person owning an additional 1, 023,365
 shares of common stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ R. Dean Phillips</signatureName>
        <signatureDate>2009-01-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----