(CBSH) Commerce Bancshares to Buy Summit Bank

In a bid to expand its operational roots, Missouri-based Commerce Bancshares, Inc. (CBSH) entered into a definitive agreement with Summit Bancshares, Inc., of Tulsa and Oklahoma City to acquire the latter. The all-stock deal, valued at $40.6 million, comprises solely of shares of Commerce Bancshares. As per the agreement, Summit Bank will become a wholly owned subsidiary of Commerce Bancshares post acquisition. Further, this purchase is expected to enhance Commerce Bancshares’ total deposits by $231 million, total loans by $213 million and total assets by $261 million. At present, Commerce Bancshares provides loans worth an annual average of $384 million in Okla. After the completion of the merger, the company is expected to provide loans worth of about $600 million to its clients in Okla. The transaction, which is expected