Commerce closes on merger with Tulsa bank

Shareholders of South Tulsa, the parent company of Bank South, approved the merger, valued at about $27.3 million in Commerce stock. South Tulsa’s systems will be converted in May.

The acquisition adds about $129 million in assets, $114 million in gross loans and $105 million in deposits to Commerce’s holdings. It also adds two full-service banking centers to Commerce’s network, the company’s first banking locations in Oklahoma.

“By joining the Commerce family, our current management team will be able to offer our customers more products, more banking solutions and more convenience than ever before,” said Bank South President and CEO R. Carl Hudgins in a news release.

In a separate news release, Commerce announced April 3 that it is entering a joint merger agreement with independent Denver-based Commerce Bank. In the cash transaction valued at approximately $29.5 million, Commerce Bancshares will gain $96.8 million in assets $70 million in gross loans and $75.5 million in total deposits, along with its first Colorado location.

The Colorado Commerce Bank was founded in 1976 and is a subsidiary of Commerce Bankshares Inc. Pending regulatory and shareholder approvals, the transaction with Commerce Bancshares will be completed late in the second quarter or early in the third quarter of this year.

“We are committed to the business community and share similar beliefs with our namesake bank (in) Kansas City, Missouri,” said Jim Lewien, president of Commerce in Aurora, Colo., in the release. “Teaming up with an organization like Commerce … represents a good opportunity.”

Commerce Bancshares is a $15.2 billion bank-holding company with about 360 locations in Missouri, Illinois and Kansas.

Commerce shares (Nasdaq: CBSH) closed April 3 at $48.46.