Commerce Bank looks to sell up to $200M in stock

Kansas City-based Commerce Banschares Inc. is looking to raise up to $200 million by selling stock, according to a Securities & Exchange Commission filing on Friday.

Commerce Banschares, which is the holding company for Commerce Bank, has entered an agreement with Morgan Stanley & Co Inc. to act as sales agent for the plan. Shares of common stock will be sold "from time to time" at $5 par value, according to the filing.

"The company believes that this equity program, the proceeds of which will be used for general corporate purposes, will enhance the company's capital position," the bank said in the filing.

Commerce, which remains "well-capitalized" by federal standards, did not participate in the U.S. Treasury's Capital Purchase Program. The bank's profit remained stable in fourth-quarter 2008 but fell 9 percent for the year.

Shares (Nasdaq: CBSH) closed Friday at $34.73, compared to a 52-week range of $31.55 to $52.86.[[In-content Ad]]