Mergers & Acquisitions | Commerce Bank

Mergers & Acquisitions

COMMERCE BANCSHARES, INC. (NASDAQ - CBSH)

Source: SNL

M&A History

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Buyer: Commerce Bancshares, Inc.
Actual Acquirer: Commerce Bank, NA
Target: South Tulsa Financial Corporation
Deal Type: Bank & Thrift Company
Announcement Date	12/4/2006
Announced Deal Value ($M)	26.3
Status	Completed
Completion Date	4/1/2007
Announced Deal Value Per Share ($)	340.54

	Announcement	Completion
Price / Book (%)	222.4	207.4
Price / Tangible Book (%)	222.4	207.4
Price / Earnings (x)	20.4	16.9
Price / Deposits (%)	26.06	24.61
Price / Assets (%)	21.13	20.14
Tangible Book Premium/ Deposits (%)	19.85	16.65

Description of Consideration
Commerce Bancshares Inc. paid $340.54 in stock for each share of South Tulsa Financial Corporation. Target's financials are for Bank South.
Accounting Method	Purchase
In-State Transaction?	No
Merger of Equals?	No
Geographic Expansion?	Market Expansion
Goodwill Generated ($000)	11,900
Estimated Cost Savings (%)	NA
Estimated Cost Savings ($000)	NA
Est. Restructuring Charges ($000)	NA
Maximum Termination Fee ($000)	1,250
Minimum Termination Fee ($000)	0
Exchange Ratio (Common For Common)	NA
Exchange Ratio (Common For Preferred)	NA
Exchange Ratio (Preferred For Common)	NM
Exchange Ratio (Preferred For Preferred)	NA
Lockup Agreement	No
Strike Price ($)	NA
% of Shares Outstanding	NA
Shares Under Option	NA
Core Deposit Intangibles ($000)	3,400

Party Advised	Adviser Hired?	Firm Name
Buyer	Yes	Blackwell Sanders Peper Martin
Seller	Yes	McAfee & Taft


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