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 will communicate any changes regarding the transition to all former Summit Bank customers over the next several weeks. Commerce and Summit Bancshares Inc. announced their intention to merge in May 2013.About Commerce Bank Commerce Bank, is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $21.9 billion regional bank holding company, as of June 30, 2013. For more than 145 years, Commerce Bank has been meeting the financial services needs of individuals and businesses. Commerce Bank provides a diversified line of financial services, including business and personal banking, wealth management, financial planning, and investments through its affiliated companies. Commerce Bank operates in more than 360 retail locations in the Central United States and has a nationwide presence in the commercial payments industry. Commerce Bancshares also has operating subsidiaries involved in mortgage banking, leasing, credit-related insurance, private equity and real estate activities. For additional information, please visit www.commercebank.com.