Commerce Bancshares (CBSH) in Kansas City, Mo., has struck a deal that would nearly double its asset base in Oklahoma.
The $22.2 billion-asset company has agreed to buy Summit Bancshares of Tulsa for $40.6 million in stock, the companies said Wednesday. Acquiring Summit, which has $261 million of assets, $231 million in deposits and two branches, would give Commerce approximately $600 million of assets and four branches in Oklahoma.
The merger, which is pending regulatory and shareholder approval, is expected to close in the third quarter.
Summit Bank Chief Executive Wade Edmundson would become chief executive of Commerce Bank's Oklahoma market following the merger.
Commerce Bancshares is "pleased to partner with Summit Bank and its leadership to expand our presence in the Tulsa market and to enter the Oklahoma City market," Commerce President and Chief Operating Officer John Kemper said in the news release. "Banking is all about people, and we have been impressed with Summit's management team, board and their investor group."
The deal would be Commerce's first since it acquired a small Colorado bank in 2007.