Commerce Bancshares (CBSH) in Kansas City, Mo., has agreed to sell three branches in rural southeastern Missouri to New Era Bank in Fredericktown, Mo.
Commerce said in its quarterly regulatory filing that it will also sell $16 million in loans, $75 million in deposits and other bank-related premises to the $263 million-asset New Era. Financial terms were not disclosed, though the $23 billion-asset Commerce said it expects the complete the sale in July.
The deal will mark Commerce's exit from St. Francois County, where all three branches are located. The branches are in the towns of Farmington, Desloge and Bonne Terre.
Commerce has also been acquisitive, buying Summit Bancshares in Tulsa, Okla., last year for about $41 million.
New Era has two branches in St. Francois County. The Commerce deal would give the bank eight branches in Missouri.