Commerce Bank increases M&A activity

Thursday’s West Pointe Bancorp (OTCBB: WTPT) merger agreement is valued at $80.9 million in stock and cash. Expected to close in the third quarter, pending regulatory approvals, it would add to Commerce’s holdings $477 million in assets, $256 million in gross loans, $402 million in total deposits, and five branch locations and 25 ATMs in Metro East St. Louis.

The deal would increase Commerce’s St. Louis-area holdings to approximately $4 billion. West Pointe Bancorp is based in Belleville, Ill.

On April 5, the bank announced the acquisition of Boone National Savings and Loan Association’s four Columbia branches and loan production offices in Ashland and Lake of the Ozarks. Boone National Savings and Loan had $15.4 million in equity as of Dec. 31, and Commerce will pay an additional $16.25 million premium for the business. All of the bank’s branches and loan offices will change to the Commerce name upon completion of the sale July 24, pending regulatory approval.

Boone National is the sole savings and loan subsidiary of The Jones Financial Cos. LLLP, whose primary operating subsidiary is Edward D. Jones & Co. LP.

Commerce Bancshares is a $13.7 billion bank holding company with approximately 340 locations in Missouri, Illinois and Kansas.