This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

John W. Kemper, President And COO Of Commerce Bancshares, Inc. (Photo: Business Wire)

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.
John W. Kemper, president and COO of Commerce Bancshares, Inc. (Photo: Business Wire)

John W. Kemper, president and COO of Commerce Bancshares, Inc. (Photo: Business Wire)

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.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs