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, first announced in December, 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. Commerce opened a loan production office in Tulsa in 2006.

“Bank South and Commerce understand the importance of community and relationships,” said Bank South President and CEO R. Carl Hudgins in a news release. “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.”

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

Commerce shares (Nasdaq: CBSH) last traded today at $48.31, compared to a 52-week range of $43.43 to $50.77.