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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 25, 1997
MERCANTILE BANCORPORATION INC.
(Exact name of registrant as specified in its charter)
MISSOURI 1-11792 43-0951744
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
organization) Number)
P.O. BOX 524
ST. LOUIS, MISSOURI 63166-0524
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 425-2525
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ITEM 5. OTHER EVENTS
Mercantile Bancorporation Inc. ("MBI") announced on September 25,
1997 that the assimilation of Roosevelt Financial Group, Inc. ("Roosevelt")
was nearing completion and was expected to be completed in the fourth quarter
of 1997. Roosevelt was acquired by MBI effective July 1, 1997 and the
conversion of Roosevelt's banking systems to MBI's has been accelerated by
more than six months. In connection with the assimilation, MBI will record in
the third quarter of 1997 a one-time pre-tax charge of $84,000,000, or an
after tax charge of approximately $.44 per share (giving effect to the 3-for-2
stock split payable in the form of a stock dividend on October 1, 1997).
In addition, MBI also announced on September 25, 1997 that
Mercantile Bank National Association ("MBNA"), a national banking
association and indirect wholly owned subsidiary of MBI, located in St.
Louis, Missouri, and Direct Merchants Credit Card Bank, National Association
("Direct Merchants"), a national banking association and wholly owned
subsidiary of Metris Companies Inc., located in St. Louis Park, Minnesota,
entered into a Purchase Agreement, dated September 25, 1997, pursuant to
which Direct Merchants will acquire the portion of MBNA's credit card
portfolio representing former co-branded accounts. The acquired portfolio
contains approximately 500,000 accounts and $420 million in receivables and
represents 35% of MBNA's total managed credit card receivables. In
connection with the transaction, MBI will record a one-time pre-tax charge of
approximately $50,000,000, or an after-tax charge of $.25 per share (giving
effect to the 3-for-2 stock split payable in the form of a stock dividend on
October 1, 1997).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: October 3, 1997
MERCANTILE BANCORPORATION INC.
By: /s/ Michael T. Normile
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Michael T. Normile
Senior Vice President-Finance
and Control
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