Commerce Bancshares Inc. in Kansas City, Mo., announced Wednesday that it had agreed to buy Boone National Savings and Loan Association in Columbia, Mo., for roughly $31 million in cash.
The price could change depending on the equity value of the $162 million-asset Boone National Savings and Loan Association when the deal closes, said Teresa Maledy, the president and market manager of Commerce Bank's central Missouri region.
It is expected to close in July.
Boone National Savings and Loan has four branches in Columbia and is a subsidiary of Jones Financial Cos. LLLP in St. Louis. Jones' main subsidiary is the investment adviser Edward D. Jones & Co. LLP. The $14 billion-asset Commerce is the holding company for Commerce Bank, which has about 340 branches and offices in Kansas, Missouri, and Illinois.
