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(St. Louis, MO - Aug. 26, 2004) The Commerce Trust Company is pleased to announce the addition of three veteran St. Louis financial services executives to expand its management team and help drive the continued expansion of its trust and investment management business.
Martin E. "Sandy" Galt III, who most recently served as chairman of TIAA-CREF Trust Company, will assume the role of chairman of The Commerce Trust Company. TIAA-CREF Trust Company, based in St. Louis, is a subsidiary of TIAA-CREF, a large, national firm headquartered in New York that manages retirement funds for teachers and educational organizations.
Mr. Galt will report directly to David W. Kemper, chairman and chief executive officer of Commerce Bancshares, Inc., and will work closely with V. Raymond Stranghoener, president and chief executive officer of Commerce Trust.
Mr. Galt brings to Commerce extensive experience in the investment management, trust and mutual fund businesses. His experience includes serving as president for investment products, TIAA-CREF, based in New York from 2000 through 2003. He was also executive vice president of Bank of America in St. Louis from 1997 through 2000. Prior to that, Mr. Galt was chairman and chief executive officer of Boatmen's Trust Company before it was acquired by Bank of America, and held a variety of leadership roles at Centerre, a Boatmen's predecessor bank.
At all of those former employers, Mr. Galt's responsibilities included executive oversight of significant trust, investment management and mutual fund operations. Most recently, Mr. Galt also served on the Board of Governors of the Investment Company Institute, the national trade association for the mutual fund industry.
"Sandy Galt is one of the most experienced and respected trust executives in the business," said Mr. Kemper. "The combination of Sandy Galt and Ray Stranghoener undoubtedly gives Commerce Trust one of the strongest leadership teams of any trust company in the Midwest."
"Sandy Galt's name is synonymous with integrity and high quality service in the trust and investment management business," said Mr. Stranghoener. "I'm very pleased that Sandy has returned to St. Louis and proud that he chose Commerce Trust as the place he wanted to resume a leadership role in the trust business. Sandy and I have worked together before and I have no doubt he will help Commerce Trust become better recognized as the preferred provider of trust and investment services in St. Louis and the other markets where we do business."
Also joining Commerce Trust are Robert W. Mason and Bradley J. Bishop. Mr. Mason will be a senior vice president and manager of Family Office Services. Mr. Bishop will also be a senior vice president and serve as senior portfolio manager to Commerce Trust's Family Office Services unit.
"We are very fortunate to be able to attract people of this caliber to our professional staff," said John K. Handy, St. Louis regional president for Commerce Trust. "Their presence here is a victory for our clients. Mr. Mason and Mr. Bishop are expected to help accelerate the growth of Commerce's 'family office' business, which caters to ultra-affluent clients whose wealth management needs span a broad range of investment strategies, financial advisory services and private banking needs.
"People come to Commerce for advice they can trust and these newest members of our executive team illustrate the high level of experience we have in providing integrated financial advisory solutions for our clients," said Mr. Handy.
Mr. Mason most recently served as president of TIAA-CREF Trust Company and has more than 20 years of experience as a trust executive directly managing high net worth family relationships in the St. Louis community. Mr. Mason got his start in the business at Boatmen's Trust Company, where he helped establish the highest standards for personal service and high quality, objective financial advice.
Mr. Bishop served most recently as head of Investment Counseling for TIAA-CREF Trust Company. He, too, has more than 20 years of experience and worked previously at Boatmen's Trust Company as a senior portfolio manager and trust executive.
"The knowledge of investments and trusts that these three individuals bring to the table, as well as the substantial number of successful client relationships they have developed in St. Louis over the years, makes them exceptional additions to the Commerce Trust Team," said Stranghoener. "We hope these appointments further demonstrate to St. Louis and the other Midwestern cities where we do business that Commerce continues to invest in its long-term commitment to the trust and investment business, which has been a very important part of our Bank since 1906."
About The Commerce Trust Company
The Commerce Trust Company, a division of Commerce Bank, N.A., provides asset management, trust, private banking and other financial advisory services to affluent individuals and their families, as well as to corporations, non-profit institutions and employee benefit plans. Commerce Bank is the principal subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $14.4 billion regional bank holding company. For more than 135 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 330 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:
Jeanne Howard
Regional Marketing Manager
314-746-3672
Website: www.commercebank.com
e-mail: mymoney@commercebank.com
SYMBOL: CBSH
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