The acquirer currently supports business in Oklahoma with an annual average of $384m in loans, while the transaction will add approximately $261m in assets, $213m in loans, and $231m in total deposits.
Following the completion of the merger with Summit Bank, which is anticipated to close in the third quarter of 2013, Commerce will serve the state with roughly $600m in loans.
Approved by the boards of directors of both companies, the merger agreement is still subject to customary closing conditions, including regulatory approvals and Summit Bancshares, Inc. shareholder approval.
Commerce Bancshares president and COO John W. Kemper said that the deal was part of the company’s long term commercial expansion strategy, and to extend presence in the Tulsa market and to enter the Oklahoma City market.
Carl Hudgins will remain as chairman of Commerce Bank’s Oklahoma market and Wade Edmundson will become CEO of Commerce Bank’s Oklahoma market.
The executive management team in Tulsa will include Shannon O’Doherty, Mark Poole, Gip Gibson, Bruce Humphrey and Paige Miller, whereas the Oklahoma City executive management team will include Jim Young and Charlie Crouse.
Commenting on the merger, Commerce Bank chairman Carl Hudgins added the company will support Summit’s customers with additional lending capacity, and products and services, including treasury services, leasing, international, and money management.
Summit Bank received investment advisory services from D.A. Davidson in connection with the merger.
