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Exhibit 14

MERCANTILE BANKSHARES CORPORATION

CODE OF BUSINESS CONDUCT AND ETHICS

A. INTRODUCTION

Mercantile Bankshares Corporation (Mercantile) and all of its subsidiaries
and affiliates (collectively, the Company) have many important assets, but
the most valuable is our established and unquestioned reputation for integrity.
As professionals, we are judged by our conduct and we must act in a manner that
merits the trust and confidence of our customers and the public in general.
Because of the nature of the banking business, many people hold us to a higher
standard than the general business world. Mercantile has adopted this Code of
Business Conduct and Ethics to help ensure that it retains its integrity and
merits trust and confidence.

1.     Who is Responsible?All directors, officers and employees of the
Company are responsible to become familiar with, follow and promote compliance
with this Code. You shall comply with the spirit of these guidelines and not
attempt to achieve indirectly, through the use of agents or other
intermediaries, what is forbidden directly. The Nominating and Corporate
Governance Committee of Mercantiles Board of Directors periodically reviews
this Code. The Audit Committee of Mercantiles Board of Directors is charged
with administering the Code and enforcing its provisions.

2.     Guidance for Using This Code.The Code is a general outline of the
standards by which all directors, officers and employees of the Company
(including Mercantiles Chief Executive Officer, Chief Financial Officer and
its other executive officers) should conduct themselves. The Code is not
intended to cover every applicable law or provide answers to all questions that
might arise. It is a part of the overall policies and procedures governing all
of us at the Company, which include other codes of ethics which may be
applicable to you as part of an individual affiliate, subsidiary, division or
business unit. You should read this Code carefully, and if you have any
questions (including questions with regard to any overlap between this Code and
any other code, policy or procedure) they should be directed to your Director
of Human Resources or Mercantiles General Counsel.

The Code is not intended to and does not in any way create or imply an
employment contract or assurance of continued employment.

In most situations, our personal values and integrity will guide us to the
right decision. However, we must always keep in mind how our actions affect the
credibility of our institution as a whole, and for this reason, our business
ethics must reflect the highest values and standards of conduct outlined in
this Code. We encourage each employee to ask questions, seek guidance and
express any concerns they may have. When in doubt, directors, officers and
employees should ask themselves the following questions:



| |  |  | Is my action legal? If legal, is it also ethical?         
| | - |  | ----------------------------------------------------------
|
| |  |  | Are my actions honest in every respect?                   
|
| |  |  | Would I be proud to read about my action in the newspaper?
|
| |  |  | Can I defend my action with a clear conscience?           

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| |  |  | Would it be helpful to ask for guidance before taking any action?
| | - |  | -----------------------------------------------------------------

If your answers to these questions are troubling in any respect, it may be
that whatever you are considering is not the correct or appropriate course of
action. Call your Director of Human Resources or Mercantiles General Counsel
with any questions.

B. CONFLICTS OF INTEREST

You have a duty of loyalty to the Company and must therefore avoid any
actual or apparent conflict of interest with the Company and the interests of
its stockholders and customers. A conflict situation can arise if you have a
personal financial or other interest that may make it difficult to perform your
duties objectively and effectively. Conflicts of interest may also arise if you
or a family member or another organization in which you have an interest
receives a personal benefit as a result of your position with the Company.

1.     Corporate Opportunities.You may not (a) take for yourself personally
opportunities that are discovered through the use of the Companys property,
information or your position (whether such opportunities belong to the Company
or to any of its clients or customers); (b) use the Companys property,
information or position for personal gain; (c) participate in or receive a
personal benefit from activities that compete with the Company; or (d) use the
property, information or position of a client of the Company for personal gain.

You owe a duty to the Company to advance the Companys business interests
when the opportunity to do so arises. Without prior approval, you are not
permitted to participate with customers or suppliers in business ventures,
serve or act as a director, agent, broker or representative of any for-profit
company or organization. Call your Director of Human Resources or Mercantiles
General Counsel to inquire about obtaining this approval.

2.     Gifts or Bequests.Federal law makes it a criminal offense for you
(1) to solicit for yourself or for a third party (other than the Company)
anything of value from anyone in return for any business, service or
confidential information about the Company or (2) to accept anything of
value (other than authorized compensation) from anyone in connection with
the business of the Company, either before or after a transaction is
discussed or consummated. Any gift or gratuity from present or former
customers, suppliers or stockholders should be declined to avoid any
appearance of impropriety or undue influence, with the following exceptions:



| |  |  | ordinary business meals;                                                                                                                                               
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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| |  |  | modest holiday gifts;                                                                                                                                                  
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| |  |  | occasional tickets to athletic and cultural events                                                                                                                     
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| |  |  | gifts based upon a family relationship or close personal relationship
pre-dating your involvement with the Company;                                                    
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| |  |  | acceptance of loans from other banks or financial institutions on
terms generally available to the public at large; or                                                 
|
| |  |  | acceptance of discounts or rebates on merchandise or services on terms
generally available to the public at large or on terms generally
available to Company employees.

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These permissible gifts or gratuities should only be accepted when it is
clear the donor is not trying to exert any influence over you in connection
with a transaction involving the Company, and the gift or gratuity is
unsolicited. Generally, a gift or gratuity (or an aggregate of several gifts or
gratuities) having a value greater than $150 should be rejected. Any offer or
receipt of a gift, discount or rebate (or an aggregate of several of the same)
of more than $150 should be promptly reported in writing to your Director of
Human Resources.

If you become aware that you are a beneficiary of a gift or bequest under
a will or trust agreement of a customer or former customer, supplier or
stockholder (other than someone related by blood or marriage), you should
promptly report it to your Director of Human Resources. Depending on the
circumstances, you may be required to take all reasonable steps to have the
will or trust instrument amended to remove yourself as a beneficiary. In
certain circumstances, if you are not removed as a beneficiary you may be
terminated in order to avoid the perception of a conflict of interest or
improper influence. Likewise, you may not accept a bequest or devise from a
customer or former customer, supplier or stockholder without prior approval of
Mercantiles General Counsel.

3.     Investments.You should avoid any investment in the business of a
customer, supplier or competitor unless the security is publicly traded on a
national exchange and there is no possibility for a conflict of interest.

You should make personal investments with prudence and avoid situations
that might influence ones business judgment or advice. In no event should you
use confidential or proprietary information or work-product developed or
acquired during the course of your employment as a means of making any personal
gain.

4.     Employment.For our full-time employees, outside employment is
discouraged and the Company reserves the right to prohibit full or part-time
employees from engaging in full or part-time outside employment where it might
subject the Company to criticism or might interfere with your employment at the
Company. You must notify your Director of Human Resources of any outside
employment that you currently have or desire to accept while employed by the
Company on a full or part-time basis. After notification, your Director of
Human Resources will advise you if there is a potential problem.

5.     Recommendation of Professionals or Products.When a recommendation is
requested from you by customers or business partners of the Company for their
own use or by other employees, officers or directors of the Company for use by
the Company regarding professional services such as accountants, attorneys,
investment bankers, realtors or insurance agents or regarding products to be
leased or purchased, you should not recommend any specific professional,
supplier or product unless in every case:



| |  |  | you are familiar with the work and competence of all of the
professionals you name and are satisfied that they are competent and
ethical;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------
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| |  |  | you are familiar and satisfied with the quality of all the products
and services you name; and                                           
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| |  |  | you believe your recommendation will reflect positively upon the
Company.                                                                

You should avoid recommending a professional, supplier or product if you
or a family member receives personal benefits as a result of your
recommendation. You should disclose any such relationships to the party
requesting the recommendation and report any possible personal benefits that
you or a family member may receive as a result of your recommendation to your
Director of Human Resources.

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6.     Other Activities. Without prior approval, you may not act as:



| |  |  | agent, deputy or in any signing capacity on any account of another
(except for members of your family or a civic or charitable
association of which you are a member); or
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | a fiduciary under a will or trust agreement of another not related by
blood or marriage.                                                                                 



| |  |  | Call your Director of Human Resources to inquire about obtaining this approval.
| |  |  | -------------------------------------------------------------------------------

C. BUSINESS CONDUCT

1.     Compliance With Laws, Rules, Regulations. You must conduct yourself at
the Company and all of its functions or when acting on its behalf in a manner
which is in full compliance with all applicable laws, rules and regulations, as
well as with all of the Company other policies and procedures. Activity or
behavior which would be criminally or civilly actionable is deemed not to be in
compliance. Mercantiles Legal Department should be consulted if there are any
questions. In no case shall an employee, officer or director use illegal
(theft, bribery, misrepresentation, securities fraud, or espionage) or
unethical means or methods when acting on behalf of the Company.

2.     Company Reporting.It is of critical importance that the Companys
filings with the Securities and Exchange Commission, banking regulators and
other regulatory agencies and authorities as well as its other public
communications be full, fair, accurate, timely and understandable. Mercantile
has created a Disclosure Committee and adopted Disclosure Committee Guidelines
to govern these filings and disclosures. Depending on your position with the
Company, you may be called upon to provide information to assure that
Mercantiles filings and public reports meet these standards. the Company
expects employees, officers and directors to take this responsibility very
seriously and to provide prompt, accurate answers to inquiries from the
Disclosure Committee related to Mercantiles filing and public disclosure
requirements.

3.     Books and Records. The Companys books, records and accounts shall
accurately and fairly reflect the transactions of the Company in reasonable
detail and in accordance with the Companys accounting practices and policies.

For example:



| |                                                                                                                                                                                                                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a. No false or deliberately inaccurate entries (such as
over-billing) shall be made for any reason. Discounts, rebates, credits
and allowances do not constitute over-billing when lawfully granted; the
reasons for the grant should be documented in writing in the Company
records, including the party requesting the treatment.
|
| | b. No payment shall be made with the intention or understanding that
all or any part of it is to be used for any purpose other than that
described by the documents supporting the payment.                                                                                                                                         
|
| | c. No undisclosed or unrecorded funds or assets shall be established
for any purpose unless permitted by applicable laws, rules and
regulations and applicable accounting guidelines.                                                                                                                                               
|
| | d. No false or misleading statements, written or oral, shall be made to
any internal or external accountant, auditor, attorney or other representative
with respect to preparation of the Company                                                                                                                                   

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financial statements or documents to be filed with the Securities and
Exchange Commission, banking regulators or other governmental authorities or
regulatory bodies.

4.     Duty to Report Questionable Accounting or Auditing Matters.
Mercantiles Audit Committee has adopted policies and procedures for reporting
to the Company any questionable situation regarding our accounting, internal
accounting controls or audit matters through a toll-free hotline. Such matters
shall be treated as confidential, if possible.

5.     Questionable or Improper Payments. The use of any funds or assets of
the Company for any unlawful or improper gifts, payments to customers,
government employees or other third parties is strictly prohibited.

Certain statutes and regulations applicable to our business prohibit
certain persons and/or firms from offering money or anything of value to
certain government officials or officials of certain specified entities (such
as pension funds) for the purpose of influencing such official. The
consequences of violating such statutes can be severe, including possible civil
and criminal penalties for both the Company and individuals. In the United
States, nothing of value (for example, gifts or entertainment) may be provided
to government personnel unless clearly permitted by law and any applicable
regulation.

While these statutes are generally used to prosecute blatantly illegal
bribes, kickbacks or any other forms of improper payoff, they can and have been
interpreted broadly by various enforcement agencies. It is therefore our policy
that no payment from the Company s funds or assets shall be made to or for the
benefit of a representative of any domestic or foreign government (or
subdivision thereof), labor union, pension fund or any current or prospective
supplier for the purpose of improperly obtaining a desired action, or any sale,
purchase, contract or other commercial benefit. This prohibition applies to
direct or indirect payments made through third parties and employees as well.

Commercial business entertainment which is reasonable in nature, frequency
and cost is permitted. Reasonable business entertainment would cover for
example, a lunch, dinner, or occasional athletic or cultural event, or gifts of
nominal value (approximately $150 or less). If you have any questions as to
whether any proposed or contemplated business entertainment activity meets this
standard, please contact Mercantiles Legal Department.

6.     Competition. We have a history of succeeding through honest
competition. We seek competitive advantages through superior performance, not
through illegal business practices. All employees should endeavor to respect
the rights of and deal fairly with the Company customers, vendors, competitors
and employees. No employee should take unfair advantage of anyone through
manipulation, concealment, abuse of privileged information, misrepresentation
of material facts, or any unfair-dealing process.

Care must be taken in business activities involving any competitor. In
dealing with other banking institutions and lenders, discussions should always
be limited to the situation involved. There are strict legal prohibitions on
competitors making agreements regarding pricing and allocation of markets,
among other things. Because of the sensitivity of these legal matters,
Mercantiles General Counsel should be consulted in advance of any such
discussions.

7.     Protection and Proper Use of Company Assets. The Companys assets, such
as information, records, materials, supplies, time, intellectual property,
software, hardware, and facilities, among other property, are valuable
resources owned, licensed, or otherwise belonging to the Company. You are
expected to treat the Companys property with care and should not remove it
from Company premises without a supervisors approval. The Companys property
should only be used for legitimate business purposes. Any work product of an
employee is the property of the Company if it is the result of work performed
while at work or with Company property.

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D. CONFIDENTIAL AND PROPRIETARY INFORMATION

You have an obligation to maintain the confidentiality of information
entrusted to you by the Company, its business partners, suppliers, customers or
others related to the Company s business. Confidential or proprietary
information may not be disclosed to others except when disclosure is authorized
by Mercantile or legally required.

1.     What Constitutes Confidential Information?All oral and written
communications relating to the Company, or its customers, suppliers,
shareholders and other employees of the Company, which you acquire during the
scope of your employment and which is not otherwise available to the general
public constitutes confidential information. This includes not only information
you acquire from third parties but also any work-product you generate as an
officer, director or employee of the Company including, for example, customer
and prospect lists, and computer programs. You should assume that any such
work-product or materials are confidential information subject to the policies
and restrictions on use and disclosure outlined in this Code.

2.     What Constitutes Proprietary Information?Certain types of information
may not be confidential but may still be proprietary property of the Company.
You acknowledge that while employed by the Company all work-product that you
produce is and shall remain the sole and exclusive property of the Company.
Even though information such as customer and prospect names, presentation
materials, marketing materials, product information, business methods of
processes may otherwise be available to the general public, it remains the
Companys property and individual employees shall have no personal rights to
such information or products either during or after employment with the
Company.

3.     Customer/Supplier Information. You also have an obligation to keep
confidential any information acquired with respect to present, past or
prospective customers, suppliers, shareholders and other employees of the
Company. Any such information shall be used solely for banking or corporate
purposes and shall under no circumstances be revealed to unauthorized persons,
whether within or outside of the Company.

4.     Data Security. It is the policy of the Company to protect its systems
and data by controlling access to such systems and data. You acknowledge that
the Company s data processing systems, network (including e-mail) and all data
thereon are private and confidential property of the Company, and you may only
access or update the systems and data according to the authority given you. Any
unauthorized access, update or use of the Companys systems or data is strictly
prohibited. Furthermore, you acknowledge your responsibility to protect the
integrity of all systems and data for which you are authorized to access or
update, and you will only divulge information related to such systems or data
to those having an authorized business requirement. You will not compromise
access to such systems or data by communicating your identification and/or
password to anyone.

We expect you to report all violations or suspected violations of this
policy immediately by calling the Company s EthicsLine at 1-866-850-1519.

5.     Information Disclosure Policy; Insider Trading Policy.You are required
to follow Mercantiles Information Disclosure Policy which deals with the
handling of information about Mercantile and the companies with which it
transacts business, as well as Mercantiles Insider Trading Policy which deals
with trading in stock or other securities issued by Mercantile or companies
with which it transacts business.

6.     Records Retention.You are expected to become familiar with the Company
s policies regarding records retention and to strictly adhere to those
procedures as outlined in the policies.

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E. VIOLATIONS OF THE CODE OF BUSINESS CONDUCT AND ETHICS

1.     Your Duty to Report.You have a duty to adhere to this Code of Business
Conduct and Ethics and all other existing company policies and to report to the
Company any suspected violations by yourself or any other employee, officer or
director of the Company. You should report violations of this Code by calling
Mercantiles EthicsLine at 1-866-850-1519. Your report will be dealt with
anonymously and confidentially.

2.     Investigations. The responsibility for administering the Code,
investigating alleged violations and determining corrective and disciplinary
action rests with various groups within Mercantile. The Nominating and
Corporate Governance Committee of the Board of Directors is responsible for
maintaining and updating the Code, subject to approval by the Board of
Directors. Human Resources, Legal, Internal Audit, and other relevant
departments throughout the Company work together as appropriate to promptly
handle investigations and recommend corrective and disciplinary actions.
Depending on the circumstances, in some cases senior managers and other
officers will be involved to consider and determine the appropriate
corrective or disciplinary action. Human Resources and Legal will
periodically report Code violations and the corrective actions taken to the
Audit Committee of Mercantiles Board of Directors. In some cases, the
Mercantiles Audit Committee or its full Board of Directors will be
responsible to conduct the investigation and determine the actions to be
taken.

3.     Discipline. the Company strives to impose discipline for each Code
violation that fits the nature and particular facts of the violation. We
generally will issue warnings or reprimands for less significant, first-time
offenses. Violations of a more serious nature may result in an action such as
suspension without pay, demotion, or reduction of compensation. Termination of
employment generally is reserved for conduct such as illegal acts or other
violations amounting to a breach of trust, or for cases where a person has
engaged in multiple violations. Termination may also be appropriate for ethical
violations if the employee has had appropriate training and consciously chose
to pursue unethical behavior. the Company reserves the right, however, to
terminate employment for any violation determined by the Company in its sole
discretion to be serious enough to warrant such an action. Violations of the
Code are not the only basis for disciplinary action. the Company has
additional guidelines and procedures governing conduct, and violations of those
guidelines and procedures may also result in corrective or disciplinary action.

4.     Protections for Employees who Report. Our commitment to promoting the
highest ethical standards includes a responsibility to foster an environment
that allows our employees to report violations without the fear of retaliation
or retribution. You will not be disciplined, lose your job, or be retaliated
against in any other way for asking questions or voicing concerns about our
legal or ethical obligations, as long as you are acting in good faith. Good
faith does not mean that you have to be rightbut it does mean that you
believe that you are providing truthful information. The important thing is
that you bring your question or concern to the Companys attention through one
of the available channels.

Our employees must never be discouraged from using any available channel
within the organization. Even simple questioning of a person reporting a
violation can lead to unintentional retaliation, as it may make that person
feel that he or she did something wrong by choosing one method over another.
Any person reporting a violation under this Code must be able to choose
whichever method they are most comfortable with to communicate their concern to
the Company.

Any employee who retaliates against another employee for reporting known
or suspected violations of our legal or ethical obligations will be in
violation of the Code and subject to disciplinary

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action, up to and including dismissal. Retaliation may also be a violation
of the law, and as such, could subject both the individual offender and the
Company to legal liability.

5.     How to Suggest Changes to the Code of Business Conduct and Ethics.
When you have any suggestions for changes in the Code, please submit them
promptly, while they are fresh in your mind. You may submit your comments in
any form you desire via internal mail to Mercantiles General Counsel or its
Director of Human Resources.

6.     Questions?Whenever you have a question as to whether this Code is
applicable to a particular situation, employees are encouraged to refer the
matter to their Director of Human Resources or to Mercantiles General Counsel.

F. WAIVERS AND AMENDMENTS

Any waivers of this Code for executive officers or directors may be made
only by the Board of Directors of Mercantile upon the recommendation of its
Audit Committee and must be promptly disclosed to the public as required by
applicable laws and NASDAQ (or other securities market) listing requirements.

It may be appropriate for a provision of the Code to be waived in a
particular circumstance for an employee other than an executive officer. Any
employee seeking a waiver should speak to his or her supervisor, who will
likely need to confer with Mercantiles Director of Human Resources, its
General Counsel, or other executives before granting a waiver.

Any amendment to a provision of the Code that applies to Executive
Officers of Mercantile will be made only by Mercantiles Board of Directors and
will be disclosed in accordance with SEC and NASDAQ requirements. Other
amendments may be made with or without approval of Mercantiles Board of
Directors as determined to be appropriate under the circumstances.

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ACKNOWLEDGMENT

(to be executed annually)

I hereby acknowledge that I have read and am familiar with, understand and
agree to conduct myself in the scope of my employment in accordance with the
Mercantile Bankshares Corporation Code of Business Conduct and Ethics.

I further agree that it is my responsibility to promote compliance with
the policies and guidelines set forth in the Mercantile Bankshares Corporation
Code of Business Conduct and Ethics and to report violations of the same.

|            |  |  |  |         
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|            |  |  |  | WITNESS:
|            |  |  |  |         
|Signature:  |  |  |  |         
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|Print Name: |  |  |  |         
|            |  |  |  |         
|Employer:   |  |  |  |         
|            |  |  |  |         
|Date:       |  |  |  |         
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