Expanding its presence in neighboring Kansas, Missouri-based Commerce Bancshares agreed Tuesday to buy $650 million-asset Union Bancshares for $86.6 million in cash.

The price equals nearly 190% of Union's book value, or about 14 times the Wichita-based company's estimated 1994 earnings. The deal was struck without the help of investment bankers. It is expected to close in the first quarter of 1995.

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