Commerce completes merger with Illinois bank

The Kansas City-based holding company of Commerce Bank finalized the acquisition of West Pointe Bancorp Inc. on Friday.

The transaction valued at $80.9 million in stock and cash adds approximately $460 million in assets, $259 million in gross loans and $392 million in total deposits to Commerce’s coffers. The transaction also adds five full-service branches, increasing Commerce’s presence to seven facilities in southern Illinois and 55 branches in the St. Louis metropolitan area.

“Soon customers of West Pointe will benefit by having expanded branch and (automated teller machine) locations, as well as access to a full range of products and services, including small business, trust, brokerage, commercial and mortgage,” said Seth Leadbeater, chairman of Commerce’s St. Louis region, in a news release.

Commerce Bancshares Inc. is a $14 billion bank holding company with more than 340 locations in Missouri, Illinois and Kansas. Shares of the company’s stock (Nasdaq: CBSH) closed Sept. 1 at $50.11 and were up by 23 cents as of 11:30 this morning.