Coral Gables, FL - April 24, 2009

Mercantil Commercebank, one of the largest banks based in Florida, today announced that Fitch Ratings, the leader in credit ratings coverage of financial institutions, has reaffirmed the Bank’s investment grade long-term and short-term Issuer Default Ratings (IDRs), as well as those of the Bank’s holding corporation, Mercantil Commercebank Florida Bancorp Inc., as “BBB-/F3”. Fitch has assigned an investment grade rating for the Bank since 2005.

A “BBB” Fitch Rating represents “good credit quality” and indicates that expectations of default risk are currently low.

In their report, Fitch changed the Bank’s individual rating from “B/C” (strong/adequate bank) to “C” (adequate bank). This individual rating evaluates the Bank on a stand-alone basis, without any support from its ultimate parent company Mercantil Servicios Financieros (MSF). The BBB- Investment Grade takes into account the strength of MSF, its ability to support the bank and its proven willingness to do so.

Fitch also changed its Outlook opinion from “stable” to “negative”. The Outlook is an indication of the direction a rating is likely to move over a one to two-year period, if financial or other trends continue to deteriorate. The fact that the outlook is negative does not imply that a rating change is inevitable. Management is taking concrete steps to mitigate the effect that continued stress on the economy, and specifically the real estate sector, could have on the Bank.

“During these challenging times for the financial industry, Fitch’s affirmation of our long-term BBB- Investment Grade is a validation of the capital strength of our organization and the abilities of our management team to mitigate the effects of the crisis” said Millar Wilson, President and CEO of Mercantil Commercebank.

Fitch’s recent press release highlights the Bank’s good capital levels and notes confidence in management’s abilities, noting that:

“….(the) management team has considerable experience managing through credit cycles and has a seasoned workout team, which could temper net losses. To date, the company's historical underwriting practices, including project selection, have helped mitigate credit loss experience. Capital levels are considered solid and provide a significant layer of support…. the balance sheet is highly liquid, as the combination of cash, cash equivalents and investment securities represented 46% of total assets and the loan-to-deposit ratio was 70% at YE08. The investment portfolio is highly rated, short in duration and, to date, has had minimal negative market valuation issues.”

“We are confident in our long-term stability, and we are well positioned to ride out the economic downturn, as reflected in a soon-to-be-reported financial results release for the first quarter of 2009,” concluded Wilson.

The complete listing of the Fitch ratings is as follows:

Mercantil Commercebank Florida Bancorp.
--Long-term IDR affirmed at 'BBB-'; Outlook Negative
--Short-term IDR affirmed at 'F3';a
--Individual downgraded to 'C' from B/C';
--Support affirmed at '5';
--Support floor affirmed at 'NF’

Mercantil Commercebank, N.A.
--Long-term IDR affirmed at 'BBB-'; Outlook Negative
--Long-term deposits affirmed at 'BBB';
--Short-term IDR affirmed at 'F3';
--Short-term deposits affirmed at 'F3';
--Individual downgraded to 'C' from B/C';
--Support affirmed at '5';
--Support floor affirmed at 'NF'.

ABOUT MERCANTIL COMMERCEBANK:
Mercantil Commercebank N.A. is one of the largest privately held banks in South Florida serving its community for over 27 years. Mercantil Servicios Financieros (MSF), a Venezuelan company, beneficially owns the Bank through U.S. bank holding companies. MSF is the largest provider of financial services in Venezuela, with more than 80 years of experience. Mercantil Commercebank has assets of $6.2 billion. The Bank is headquartered in Coral Gables, Florida, and has sixteen Banking Centers, fourteen in South Florida; one in Manhattan, New York; and one in Houston, Texas. Mercantil Commercebank offers a wide variety of domestic, international, personal, and commercial banking services, including investment, trust, and estate planning through its subsidiaries, Mercantil Commercebank Investment Services, Inc. and Mercantil Commercebank Trust Company, N.A. For more information, please visit www.mercantilcb.com.

Editor’s Note: There’s another bank in South Florida whose moniker includes the word ‘Mercantile.’  Please note that we are MERCANTIL COMMERCEBANK. Thank you.

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