Bank South to Merge With Commerce Bancshares

Commerce Bancshares, Inc. and South Tulsa Financial Corporation have announced a merger agreement in which South Tulsa Financial Corporation will merge with Commerce Bancshares, Inc. in a transaction valued at approximately $26.2 million in Commerce Bancshares stock.
South Tulsa is the parent company of Bank South. Commerce’s acquisition of Bank South will add $124 million in assets, $107 million in gross loans, $100 million in total deposits, and two branch locations in Tulsa, Oklahoma.
It is anticipated the transaction will be completed in the second quarter of 2007, pending regulatory approvals, the approval of South Tulsa shareholders and other customary closing conditions. An application will also be made to merge Bank South with Commerce Bank, N.A.
Commerce Bancshares, Inc. is a $15 billion bank holding company. Commerce Bank, N.A. established a loan production office in Tulsa earlier in 2006.
The Bank South merger will result in Commerce’s first full-service banking facilities in Oklahoma.
Once the merger is complete, Carl Hudgins will become chairman and CEO of the bank.

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