Commerce Bank makes Columbia acquisition

The bank announced today that it will acquire the banking business of Boone National Savings and Loan Association, which operates four branches in Columbia 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.

Commerce’s Central Missouri region currently has $400 million in deposits and 11 full-service branches in Columbia, Mexico, Moberly, California and Tipton. Once the acquisition is complete, the region will hold deposits of $507 million.

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

“Boone National Savings and Loan Association is an excellent complement to our Commerce Bank, Central Missouri Region franchise,” said Teresa Maledy, president and market manager of the Central Missouri Region, in a news release. “We look forward to enhancing the combined strengths of our two organizations.”[[In-content Ad]]