FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * PAESE MICHAEL M   2. Issuer Name and Ticker or Trading Symbol MERCANTILE BANKSHARES CORP [(MRBK)] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Officer (Last) (First) (Middle) TWO HOPKINS PLAZA 3. Date of Earliest Transaction (Month/Day/Year) 03/02/2007 (Street) BALTIMORE, MD 21201 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/02/2007   D   15,183 D (1) 27,028 D   Common Stock 03/02/2007   D   27,028 D (2) 0 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 23.07

03/02/2007

D

2,499

(3)

04/01/2013

Common Stock

2,499

(3)

0

D

Employee Stock Option (right to buy)

$ 30.17

03/02/2007

D

22,500

(3)

03/03/2014

Common Stock

22,500

(3)

0

D

Employee Stock Option (right to buy)

$ 34.15

03/02/2007

D

15,000

(3)

03/07/2015

Common Stock

15,000

(3)

0

D

Employee Stock Option (right to buy)

$ 38.23

03/02/2007

D

20,000

(3)

03/29/2016

Common Stock

20,000

(3)

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
PAESE MICHAEL M TWO HOPKINS PLAZA BALTIMORE, MD 21201			Executive Officer

Signatures

Dennis W. Kreiner p/a for Michael M. Paese		03/23/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Disposed of pursuant to a merger agreement between Issuer and PNC Financial Services Group, Inc. on the basis of .4184 shares of common stock and $16.45 for each share of Issuer's common stock.
(2)	A total of 14,914 shares of Restricted Stock and 12,114 of Restricted Stock Units disposed of for $1,273,018.18 cash on the basis of $47.10 per share and unit, which was the closing price per share of PNC common stock on the day of the merger.
(3)	This option was cancelled on March 2, 2007, the date of the merger of the Issuer into PNC Bank for a cash payment of $47.49 less the exercise price of the Mercantile option.

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