Commerce Bank buys Oklahoma company

Kansas City-based Commerce Bancshares Inc. (NASDAQ: CBSH) this month completed the acquisition of a bank holding company in Tulsa, Okla.

Effective Sept. 1, Summit Bancshares Inc., the parent company of Summit Bank, became a wholly owned subsidiary of Commerce. The acquisition is valued at roughly $44 million in Commerce Bancshares stock, according to a news release.

CBSH shares were trading at $43.07 as of 9:29 a.m., compared to a 52-week range of $34.69 to $47.53.

With the acquisition, Commerce gains $206 million in loans in Oklahoma, bringing its total in the state to $454 million; a $230 million upgrade in deposits, upping the statewide figure to $363 million; and an increased client figure of more than 1,300. Summit operates one branch apiece in Tulsa and Oklahoma City, according to its website.

“The merger will allow us to provide additional lending capacity, and products and services, including treasury services, leasing, international and money management to a new customer base in Oklahoma City and Tulsa," Commerce President and Chief Operating Officer John Kemper said in the release.

Commerce Bancshares, which operates seven Commerce Bank branches in Springfield, posted second-quarter earnings of $65.8 million, a a 7 percent decrease compared to $70.7 million in the same quarter a year ago. For the three months ended June 30, Commerce's Commerce's assets were $21.9 billion, total loans were $10.4 billion and deposits were $17.9 billion. The company more than 360 locations in Missouri, Illinois, Kansas, Oklahoma and Colorado.