Old Florida National Bank and Mercantile Capital Corporation Announce Merger Agreement

ORLANDO - Old Florida National Bank and Mercantile Capital Corporation have entered into a merger agreement. Old Florida National Bank (Old Florida), headquartered in downtown Orlando, expects the merger to be finalized in the late fourth quarter or early first quarter of 2011.

Randy Burden, chairman of Old Florida, and Geof Longstaff, chairman of Mercantile, jointly announced the merger.

Old Florida National Bank, formed in 1982, currently operates eight full-service retail banking facilities throughout Central Florida and Inverness, Fla. and boasts over $375 million in assets
Mercantile, the seven-year-old Altamonte Springs firm that specializes in U.S. Small Business Administration (SBA) 504 loans for owners of small to mid-sized businesses who want to acquire or develop their own facilities, has provided commercial loans in 30 states and Puerto Rico for more than $513 million in total project costs since it opened as Mercantile Commercial Capital, LLC in late 2002.

“The merger substantially extends Old Florida’s capacity to engage in commercial lending,” Randy Burden said.

“Mercantile ranks as one of the largest and best known providers of SBA-504 lending in the nation,” Burden said. “They have succeeded in developing a well-known and well-respected brand with a solid reputation in the small business community,” Burden added.

Longstaff, who has served as president of three banks in the area over the past three decades, said the merger brings substantial resources to bear on Mercantile’s effort to serve small business owners nationwide.

John Burden, president of Old Florida, said “the merger creates a strong, cohesive banking organization squarely focused on serving consumers, professionals and the small business sector.”

“Old Florida National Bank is a hometown bank well known for personal service to our customers and a smart, reliable approach to banking,” Burden said.

“We are very pleased to offer Mercantile’s services to our customers and to further our service to Central Florida’s small business community,” he said.

Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said “the merger enables Mercantile to expand its services and to help more small business owners nationally.”

“Our merger substantially expands the capital resources we can bring to the small business sector of the U.S. economy,” said Hurn.

Mercantile Capital Corporation will operate as a wholly-owned subsidiary of Old Florida National Bank. The combined entities are estimated to have nearly $400 million in total assets upon completion of their merger, making Old Florida one of the largest Orlando-based community banks.

For more information, Contact: John Burden, President Old Florida National Bank, 407-388-6136

Mercantile Capital Corp. CEO Chris Hurn working hard to convince support of Obama administration’s HR 5297 small business bill

ALTAMONTE SPRINGS - Mercantile Capital Corporation Chief Executive Officer Christopher G. Hurn in Altamonte Springs is more at home on the Fox News set or the pages of Forbes magazine than his current soap box. — Stumping to drum up Republican support for HR 5297, the Obama administration’s efforts to provide capital for small businesses neglected by the major banks.

“This is a no-brainer for me,” said Hurn. “HR 5297 will benefit American small businesses. That’s the core of the American economy. That’s the primary job-creating sector of the economy,” he said.

“We’ve spent billions bailing out financial services and major manufacturers, making short term transfer payments and extending unemployment benefits, with little to show in stimulating the U.S. economy,” Hurn said.

“In the end, American small business will shoulder all those bills. We’ve got to fix the economy, and HR 5297 is the first big step in the right direction that I’ve seen so far,” he said.

Mercantile Capital Corporation ranks among the most active providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities.
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For more information about this press release contact: Chris Hurn, CEO/Cofounder, Mercantile Capital Corporation, 407-786-5040; Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040; Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corp. Reports SBA 504 Commercial Loan Volume up in June, First Half of 2010 Loan Closings Soar

ALTAMONTE SPRINGS - Mercantile Capital Corp. reports the dollar volume of commercial loans it closed in June was up more than 284 percent over the same period last year.

At the same time, Christopher Hurn, chief executive officer of Mercantile Capital Corp., said since January Mercantile Capital closed 29 commercial loans for projects valued at $81.6 million, a spectacular jump (416.46 percent) over the same six-month period in 2009 when $15.8 million was funded for 10 loans.

“This marks the best six-month period in our company’s history,” Hurn said.

Mercantile Capital Corp. – which ranks as one of the most active providers of U.S. Small Business Administration (SBA) 504 Loans in the nation – closed seven loans in June for projects that totaled just over $20 million in four different states and the District of Columbia.

Visit www.504Experts.com and www.504Blog.com.

For more information about this press release, contact: Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corporation Closes Eight Commercial Loans in May to Fund Projects Valued at $17.8 Million

ALTAMONTE SPRINGS - Mercantile Capital Corporation, which ranks as one of the nation’s top providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reported it closed eight commercial loans in May that will fund projects valued at more than $17.8 million.

Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said four small business owners in Florida, three in California and one in Illinois received the loans.

Hurn said Mercantile Capital Corporation’s total loan volume since January marks the best five months in the company’s five-year history.

“Since January, we have closed 22 loans to fund projects valued at almost $65 million in eight states that will create an estimated 438 new jobs,” Hurn said.

“We are on track to maintain this pace through the end of this year, and we project to close loans on projects valued at more than $125 million before the end of the year, which would make this our best year ever.” Hurn said.

Visit http://www.504experts.com/ and http://www.504blog.com/.

For more information about this press release, contact: Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corporation Provides Commercial Real Estate Loan in Orlando, worth $420,000

ALTAMONTE SPRINGS – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, recently closed a commercial loan for Mitbry Corporation d/b/a Barnes Supply for $420,000 in total project costs.

Chris Hurn, chief executive officer at Mercantile Capital Corporation (MCC), said Barnes Supply, located on Drennen Road off S. Orange Avenue in Orlando, is a family owned supply company specializing in multiple fields of supply, including hospitality, building/resort management and car rental maintenance products. Barnes Supply has been a recognized distributor in Central Florida for the last 35 years, Hurn said.

“The Mercantile team was essential to the growth of Barnes Supply,” said owner, Alberto Ruiz. “Their hard work and attentive staff made it possible to find the financing needed to acquire a warehouse that facilitates the growth of our small business.”

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Barnes Supply, have an opportunity to create wealth and financial freedom. MCC’s specialization in SmartChoice Commercial Loans, also known as SBA 504 loans, allows borrowers, like Alberto Ruiz, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

Visit http://www.thesmartchoiceloan.com/ and http://www.504blog.com/.

For more information about this press release, contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; Robin Lashley, Mercantile Capital Corporation, 407-786-5040; Beth Payan or Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corporation Reports Two Commercial Loans in February worth More Than $8.3 Million

ALTAMONTE SPRINGS - Mercantile Capital Corp., which ranks as one of the nation’s largest providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reports it closed on two commercial property loans in February that totaled over $8.3 million on total project costs.

Christopher Hurn, chief executive officer of Mercantile Capital Corporation, said January’s total project costs of over $11.5 million marked the firm’s largest single month in two years, with the totals of February not far behind.

Hurn said the largest loan in February paid for a nearly $7.6 million Hampton Inn & Suites in Port Arthur, Texas.
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For more information about this press release, contact:
Chris Hurn, CEO Mercantile Capital Corporation, 407-786-5040; churn@mercantilecc.com; Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040; glongstaff@mercantilecc.com

Obama Administration Should Expand Small Business Administration Lending to Spur Economic Recovery, Mercantile Capital Corp. CEO says

ALTAMONTE SPRINGS - The Obama Administration’s proposal to funnel $30 billion in TARP receipts to community banks to spur lending to small businesses could do more to help the economy if it focused on the U.S. Small Business Administration lending programs themselves, says Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation in Altamonte Springs.

Hurn, whose company ranks as one of the leading providers of SBA 504 commercial loans to small business owners who want to acquire or develop their own facilities, said changes in SBA lending could go a long way toward growing the national economy.

“One of the things I’ve been saying for a few years is that the SBA 504 program should be used to refinance commercial real estate as well,” Hurn said. “You can’t do that with the program right now,” Hurn explained. “But as of Friday the 5th, the President seems to be on board with my proposal. We’ll see how quickly this solution can be put in place.”

Hurn gave the Obama administration high mark for its plan to eliminate capital gains tax on investments in small business.

“That’s phenomenal,” Hurn said. “We’ve finally seen a free market solution out of this President and this one actually would be good. That would be the kind of thing that will stimulate equity investments in the small business sector,” he said.

Hurn said many Obama administration proposals are problematic.

“The small business lending proposals are going to have mixed results,” Hurn explained. “Most community banks that have survived over the past 18 months have better capital ratios than large national banks, are relatively flush with capital and yet they’re lending less of their capital.

“Providing them up to five percent of their weighted assets to lend to small business customers at interest rates in the low fives to seven percent, doesn’t provide enough profit to cover the banks’ overhead. The only community banks that will be interested in this program are the ones that aren’t doing as well,” Hurn said. “Healthy community banks probably aren’t going to participate,” he said.

The $5,000 jobs credit is also troublesome, Hurn said. “If you’re a smart business person you’re not going to hire somebody for a position for something that you don’t have a demand for in your products and services just in order to get the job credit,” Hurn said.

The plan may benefit companies that are already expanding, but too few companies are expanding in this economy, he said.

“Expense reductions for equipment purchases also falls flat,” Hurn said.

“If you are a company that’s buying equipment, it helps you, but it doesn’t really get to the underlying problem affecting most small businesses in America that are struggling right now,” he said.
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For more information about this press release contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040 or Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corporation Eyes Major Lending Growth in First Quarter, Projects Loans Valued at over $26 Million

ALTAMONTE SPRINGS - Mercantile Capital Corporation reports it closed on five commercial property loans worth more than $11.6 million in total project costs in January. The firm, which ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation, predicts it will see a record first quarter this year with loans worth more than $26 million in total project costs.

Christopher G. Hurn, president and chief executive officer of Mercantile Capital Corporation, said the firm closed on only three commercial property loans during the first quarter of 2009.

The firm finished the year with 35 closed loans worth over $78.1 million in total project costs.

This year, Hurn said, Mercantile Commercial should close on loans that represent more than $103 million in total projects.

Hurn said Mercantile Capital’s largest project in January was $4.7 million for the construction and improvements of an existing convenience store in Las Vegas.

For more information about this press release, contact: G. Geoffrey Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040; Christopher G. Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corporation Provides Commercial Real Estate Loan in Lake Mary worth $712,000

Altamonte Springs – Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, recently closed a commercial loan for Out-

Spoke’N Bike Shops, Inc. for $712,000 in total project costs.

Family owned and operated since 1997, Out-Spoke’N Bike Shops, Inc. is a retail bicycle store that focuses on all aspects of cycling, and is a popular cycling destination in Central Florida, located in Lake Mary.

“Working with Mercantile was great. Not only did they have excellent product knowledge, but they were available well past regular working hours, which was so helpful, considering I still had a business to run during the loan process.” said Michael Cottle, co-owner with his wife, Arden.

The SmartChoice Commercial Loan Program helps owners of small to mid-sized businesses, like Out-Spoke’N Bike Shops, Inc., have an opportunity to create wealth and financial freedom. Their specialization in SmartChoice Commercial Loans, also known as SBA 504s,, allows borrowers, like Michael and Arden Cottle, to own their commercial property with the highest cash-on-cash return financing available, without tying up their precious capital, so they can grow even faster.

For more information visit www.TheSmartChoiceLoan.com and www.504Blog.com.

For more information about this press release Contact:
Chris Hurn, Mercantile Capital Corporation, 407-786-5040 or Robin Lashley, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corp. Reports 12.8 Percent Jump in Commercial Lending Volume in 2009

ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, the Altamonte Springs firm that ranks as one of the largest providers of U.S. Small Business Administration (SBA) 504 loans in the nation, reported it saw a 12.8 percent increase in lending volume in 2009 over 2008 dollar volume totals.

Chris Hurn, president of Mercantile Capital Corporation, said the number of transactions declined slightly in 2009 but loan amounts---to small business owners who want to acquire or develop their own facilities---increased, Hurn said.

Geof Longstaff, chairman, said the firm’s largest single loan was $8.1 million to Blaine Convention Services in California to acquire a retail warehouse.

Mercantile Capital Corporation provided loans to small businesses in some 14 states in 2009, Longstaff said.

Since Mercantile Capital opened its doors in late 2002, the firm has provided 262 commercial loans valued at more than $424.7 million and created 2,983 jobs.
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For more information about this press release, contact:
G. Geoffrey Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040
Christopher G. Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Mercantile Capital Corp. Reports More Than $13 Million in Total Projects for November, Over $81 Million Volume for 2009

ALTAMONTE SPRINGS, Fla. --- Mercantile Capital Corporation, the Altamonte Springs firm that ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, reports it closed on seven commercial property loans that totaled more than $13 million in total project costs in November.

Christopher G. Hurn, chief executive officer of Mercantile Capital Corporation, said he projects the firm will close on six more commercial property loans in December for a total of $9.2 million to close out the year with more than $81 million in total project costs financed.

“We will complete the year with over $81 million in total project costs,” Hurn said. “Our dollar volume is up nearly 15 percent from 2008,” he explained.

Hurn said one of Mercantile Capital’s most important measurements---job creation---is also up this year.

“Our lending funded projects that created more than 480 new jobs in 2008,” Hurn said. “For 2009, employment growth we helped fund will total more than 500 new jobs,” he said.

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For more information contact:
Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corp Reports Record Low Interest Rate on SBA 504 Loans

ALTAMONTE SPRINGS, Fla. - Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans for owners of small businesses who want to acquire their own facilities, reports a record low for the 20-year fixed interest rate on SBA 504 loan projects. This month, the rate fell to 5.14 percent, the lowest since the program’s inception more than 25 years ago.

“This record low interest rate for SBA 504 loans, combined with the fee reductions included in the Stimulus Bill, makes it even more attractive for business owners to purchase or expand their facilities. And this is the second time in three months that we’ve reported this,” said Chris Hurn, CEO and Co-founder of Mercantile Capital Corporation.

SBA 504 loans allow owners of small and mid-sized businesses to purchase, construct, or renovate their commercial property with as little as 10 percent down, long terms (up to 25 years) and fixed interest rates. Equipment and other fixed assets can also be included in these loans, to the benefit of the borrower.

“The SBA 504 loan has long been a powerful tool for business owners to grow and expand their operations. I hope the announcement of this historically low interest rate will cause more of America’s entrepreneurs to perk up and realize that there are once-in-a-generation opportunities for them to create wealth and help get our economy back on track,” said Hurn.

Mercantile Capital Corporation ranks as one of the most active providers of SBA 504 loans nationwide, providing owners of small and mid-sized businesses the option to own commercial property with up to 90 percent loan-to-cost financing.

Visit www.504Experts.com or www.504blog.com for more information.

For more information about this news release contact:
Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040
Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040
Shannon D. Marks, President/COO, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corporation Sees Jump in Lending Volume in August, to Finance I-Drive Hotel, Suburban Atlanta Dental Office Among Others

Mercantile Capital Corporation Sees Jump in Lending Volume in August, to Finance I-Drive Hotel, Suburban Atlanta Dental Office Among Others

ALTAMONTE SPRINGS, Fla. - Mercantile Capital Corporation, which ranks as one of the nation’s leading provider of U.S. Small Business Administration (SBA) 504 loans saw a big jump in commercial loan volume in August.

Christopher G. Hurn, president of Mercantile Capital Corp., said the firm closed on loans worth more than $12 million in August, up more than 212 percent over the same period last year.

Hurn said August loans included $4.5 million to acquire and renovate Best Western’s Sun Vista Hotel on International drive in Orlando and $1.1 million to acquire and renovate a dental office in Atlanta.

“We anticipate we will close on loans that total more than $90 million in 2009,” Hurn said.
SBA 504 loans offer 90 percent loan-to-cost financing at below-market rates for qualified small business owners who want to acquire or develop their own facilities.

For more information, contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040

Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corporation Appoints Four New SBA 504 Loan Specialists

Mercantile Capital Corporation Appoints Four New SBA 504 Loan Specialists

ALTAMONTE SPRINGS, Fla. - Mercantile Capital Corporation, which ranks as one of the nation’s leading providers of U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, recently appointed four new SBA 504 loan specialists.

Christopher G. Hurn, CEO of Mercantile Capital Corporation, said he promoted Jon DeJulio from intern to marketing associate.

Yelena Sulyagina was promoted from intern to credit analyst.

Tammy Hennen was named operations administrator and Carolyn Skog was named credit analyst. Both Hennen and Skog have more than 20 years of experience.

For more information contact:

Chris Hurn, CEO, Mercantile Capital Corporation, 407-786-5040

Geof Longstaff, Chairman, Mercantile Capital Corporation, 407-786-5040

Larry Vershel, Larry Vershel Communications 407-644-4142

Mercantile Capital Corporation closed on commercial loans totaling $5.8 Million in June

Mercantile Capital Corporation closed on commercial loans totaling $5.8 Million in June

ALTAMONTE SPRINGS, Fla. - Mercantile Capital Corporation, which specializes in U.S. Small Business Administration (SBA) 504 loans for small business owners who want to acquire or develop their own facilities, closed on four commercial property loans valued at more than $5.8 million in June.

Geof Longstaff, chairman of Mercantile Capital Corporation, said the firm’s largest loan in June was for $4.2 million and will fund the acquisition and renovation of the Old Mill Crab House in Ocean City, Md.

Longstaff said he expects to close on some 15 loans during the third quarter of this year and more than 20 loans during the fourth quarter.

For more information, contact:

Geof Longstaff, Chairman, Mercantile Capital Corporation 407-786-5040

Chris Hurn, Chief Executive Officer, Mercantile Capital Corporation, 407-786-5040

Shannon Marks, President/COO, Mercantile Capital Corporation, 407-786-5040

Larry Vershel, Larry Vershel Communications 407-644-4142

Expansion of SBA’s latest initiative could have dramatic impact on Small Businesses, National Economy, says Chris Hurn

Expansion of SBA’s latest initiative could have dramatic impact on Small Businesses, National Economy, says Chris Hurn

ALTAMONTE SPRINGS, Fla. - The U.S. Small Business Administration’s helpful decision recently to extend its SBA-504 lending program ---which helps small business owners who want to acquire or develop their own facilities---doesn’t go far enough, says Chris Hurn, chief executive officer of Mercantile Capital Corporation in Altamonte Springs.

Hurn’s analysis, which he published at www.504Experts.com, is getting some major media traction, including a lengthy interview in the New York Times.

The most recent SBA initiative---announced last February and put into effect recently---extends the SBA’s 504 lending program to include refinancing.

Hurn gives the SBA credit for extending the 504 loan program. But the SBA initiative requires businesses to use new funds for expansion purposes only.

“That’s the kink,” Hurn said. “How many small businesses are in an expansion mode in this economy?” he asked.

Billions of dollars worth of potential small business loans go unfunded every year, Hurn said.

“That money needs to be in the marketplace to have any positive effect on small business growth. The $255 million,” Hurn said.

The numbers back Hurn’s proposition: SBA 504 loans are down 41.5 percent this fiscal year and the total dollar amount funded has dropped 42.5 percent from last year.

“The SBA is moving in the right direction, but the positive impact on small business growth in the U.S. would be explosive if SBA would lift its restriction to small business expansion and open the door to true refinancing,” Hurn added.

For more information, contact:
Chris Hurn, Chief Executive Officer Mercantile Capital Corporation, 407-786-5040
Shannon Marks, President, Mercantile Capital Corporation, 407-786-5040
Larry Vershel, Larry Vershel Communications 407-644-4142