Commerce Bancshares Acquires Summit Bank of Tulsa, OK

Summit Bancshares, Inc., of Tulsa and Oklahoma City, Oklahoma and Missouri-based Commerce Bancshares, Inc. CBSH today jointly announce the 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 with an annual average of $384 million in loans; after the merger with Summit Bank is complete, Commerce will serve the state with approximately $600 million in See full press release