Commerce Bancshares, Inc. has announced a merger agreement in which Commerce Bancshares, Inc. will merge with Denver-based Commerce Bank in a $29.5 million transaction.
Commerce’s acquisition of the independent Colorado bank will add to the company $96.8 million in assets, $70.0 million in gross loans and $75.5 million in total deposits.
The transaction is expected to be completed in either late second or early third quarter of 2007, pending regulatory approvals.
Commerce Bancshares, Inc. is a $15.2 billion bank holding company with approximately 360 locations, located mainly in Missouri, Illinois and Kansas. Commerce previously announced a pending acquisition of Bank South in Tulsa, that is expected to close in early second quarter, adding Commerce’s first locations in Oklahoma.