Commerce Bancshares, Inc. (NASDAQ:CBSH) announced today that the shareholders of Summit Bancshares Inc., parent company of Summit Bank, have approved the merger of Summit Bancshares Inc. (Summit) into a wholly owned subsidiary of Commerce Bancshares, Inc., effective September 1. Summit has total loans of $206 million and total deposits of $230 million and the transaction will be valued at approximately $44 million in Commerce Bancshares stock. With the merger of Summit Bank into Commerce Bank, combined, Commerce Bank will have approximately $454 million in loans, $363 million in total deposits, and more than 1,300 business banking relationships in the state of Oklahoma.
Commerce Bancshares, Inc. is a $21.9 billion bank holding company headquartered in Missouri. Commerce Bank, the principal subsidiary of Commerce Bancshares, Inc., has approximately 360 locations in the Midwest, primarily in Missouri, Illinois, and Kansas, but also in Colorado and Oklahoma.
“Now that the merger is complete, we are looking forward to welcoming Summit Bank customers to Commerce Bank,” said John W. Kemper, president and COO of Commerce Bancshares, Inc. “The merger will allow us to provide additional lending capacity, and products and services, including treasury services, leasing, international and money management to a new customer base in Oklahoma City and Tulsa.”
“We are eager to join Commerce. The former Summit Bank management team and Commerce both understand the importance of community and relationships,” said Wade Edmundson, CEO of Summit Bank who will become CEO of Commerce Bank’s Oklahoma market. “This partnership will benefit the business communities in Tulsa, Oklahoma City and throughout the state.”“The talented staffs of Commerce and Summit have been working together for several months to prepare to make this transition as seamless as possible for our customers,” said Carl Hudgins, chairman, Commerce Bank’s Oklahoma market. “We are also pleased that our respective boards are excited about the transaction and we look forward to their continued involvement.”
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