Coral Gables, FL - April 27, 2009

Mercantil Commercebank, one of the largest banks headquartered in Florida, announced today its 2009 first quarter results. The Bank reported $ 6.2 billion in total assets, a growth of 2.9 percent from the close of the fourth quarter 2008 and a decrease of 4.6 percent from the close of the same period last year. Capital reached $567.8 Million, an increase of 17.9 percent from the first quarter last year.

The Bank reported almost $3 billion in loans, and $4.6 billion in deposits and other interest bearing accounts, decreases of 9.4 percent and 2.0 percent respectively from the first quarter 2008, and decreases of 4.2 percent and 2.3 percent respectively compared to the close of the fourth quarter 2008. Investment securities, which are of extremely high credit quality and short duration, increased by 3.4 percent from December 2008, and 12.2 percent from the first
quarter 2008.

Net income reached $1.0 million, compared to a loss of $9.3 million in the fourth quarter of 2008. The annual 2008 net income was $ 2.5 million. During the first quarter, the Bank’s loan loss provisions were lower than in the fourth quarter of 2008.

“Reporting profits in the first quarter of 2009 represents progress considering the challenging times for the financial industry and the economy at large,“ said Millar Wilson, President & CEO. “Although the interest margin continues to be pressured by the low interest rates prevalent in the market, we compensated with reduced levels of non-interest expenses.”

Mercantil Commercebank is currently strengthening its expansion into the Florida market with the recent opening of its Lantana Road-West Banking Center in Palm Beach County, and it continues to maintain high levels of liquidity enabling it to serve the credit needs of its customers. Additional facts include:

• The Bank has not participated, as a lender or as an investor, in securities backed by sub-prime mortgage loans. Earlier in 2007, the Bank anticipated the risks inherent in this sector, and established policies that restricted participation in this area.

The Bank’s real estate concentration in its portfolio has always been much lower than the average of Florida-based banks.

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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