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(Columbia, MO, July 21, 2006) – Teresa Maledy, president and market manager, Commerce Bank, N.A., Central Missouri Region, announced today the completion of Commerce Bank’s purchase of the banking business and assets of Boone National Savings and Loan Association. The purchase, first announced April 5th, expands Commerce Bank’s presence in the Central Missouri Region with Commerce now offering 16 Columbia banking locations (branches and ATMs), plus additional Loan Production Offices in Ashland and Lake of the Ozarks.
"This is an exciting day for our company, our customers, and the communities we serve,” said Maledy. “We take great pride in welcoming so many new customers and team members to the Commerce Bank family. Our expanded locations, depth and breadth of product offerings, and commitment and passion to serve our customers combine to significantly enhance our position in Central Missouri.”
Commerce Bank signage is being unveiled today at former Boone National Savings locations, most notably the historic Main Bank at 9th and Broadway. The location will serve as the Main Banking Center for Commerce Bank’s offices in Columbia and Central Missouri Region.
Maledy will continue to lead Commerce Bank as president and market manager of the Central Missouri Region. Rick Kruse, former president and CEO of Boone National Savings, will join Commerce Bank’s Regional Advisory Board of Directors.
“Our success today in combining the banking business of Boone and Commerce is due in great part to the hard work and commitment of all employees who remained focused and provided superior service to customers throughout this entire process,” stated Maledy. “The talent and expertise of our collective banking team is unmatched. I am confident our customers will greatly benefit from our expanded service and convenience.”
David W. Kemper, chairman, president and CEO, Commerce Bancshares, Inc. commented, “We are pleased to have closed on the purchase of the Boone National Savings banking business. This purchase fits well with the strategic focus for developing our footprint in Central Missouri.”
With the completion of the purchase agreement, Commerce Bank’s total deposits for Central Missouri Region include approximately $525 million. Commerce plans an additional expansion in the Columbia market by year-end, with a full-service banking center currently under construction at Brown School Road and Highway 763.
About Commerce Bank
Commerce Bank is the principal subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $14.3 billion regional bank holding company. For more than 140 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a diversified line of financial services, including business and personal banking, wealth management and estate planning and investments through its affiliated companies. Commerce currently operates in approximately 340 locations in Missouri, Illinois and Kansas. Commerce also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate activities.
FOR MORE INFORMATION, CONTACT:
Susan Kirkman, Regional Marketing Manager
Commerce Bank, 417-837-5333, or
Teresa Maledy, President & Market Manager
Commerce Bank, Central Mo. Region
573-886-5200
Website: www.commercebank.com
e-mail: mymoney@commercebank.com
SYMBOL: CBSH
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