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Commerce Bancshares Inc Announces Acquisition Of Summit Bank of Tulsa, Oklahoma

Wednesday, 15 May 2013 06:35pm EDT 

Commerce Bancshares Inc announced that Summit Bancshares, Inc., of Tulsa and Oklahoma City, Oklahoma and Missouri-based Commerce Bancshares, Inc. jointly announced execution of a merger agreement pursuant to which Summit Bancshares, Inc. will merge into a wholly owned subsidiary of Commerce Bancshares, Inc., in a transaction valued at approximately $40.6 million, consisting entirely of Commerce Bancshares stock. Commerce's acquisition of Summit Bancshares, Inc., parent company of Summit Bank, will add approximately $261 million in assets, $213 million in loans, and $231 million in total deposits. Commerce Bank currently supports business in Oklahoma; after merger with Summit Bank is complete, Commerce will serve the state with approximately $600 million in loans. The merger agreement has been approved by the Boards of Directors of both companies. The transaction is anticipated to close in the third quarter of 2013. Once the merger is complete, Carl Hudgins will remain Chairman of Commerce Bank's Oklahoma market and Wade Edmundson will become CEO of Commerce Bank's Oklahoma market. The executive management team in Tulsa will include Shannon O'Doherty, Mark Poole, Gip Gibson, Bruce Humphrey and Paige Miller. The Oklahoma City executive management team will include Jim Young and Charlie Crouse. It is anticipated that Summit Bank's Board and Commerce Bank's Tulsa Board will merge. D.A. Davidson provided investment advisory services to Summit Bank in connection with the merger. 

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