Commerce Bank started just as communities were rebuilding after the Civil War. The nation needed to be rebuilt, and Francis Reid Long arrived in Kansas City with $10,000 in capital. He started a bank and was soon funding companies like Long-Bell Lumber, which provided lumber to communities, businesses and the railroads that would connect them to the nation.
Next visionary Dr. W.S. Woods would transform the Kansas City bank into a modern financial institution. Like a true Midwesterner, Dr. Woods liked to help others – even competitors – and was a cautious but generous banker. His philosophy still guides Commerce Bank today: ask questions and learn as much as you can to understand the situation, and only after weighing the situation critically should you act. Then, when moving forward, do it cheerfully, pleasantly and with good will for the customer.
The culture of safe lending and compassionate service continued under the leadership of W.T. Kemper. By the time of the 1929 stock market crash, Commerce experienced losses but, thanks to its prudence, did not take as big of a hit as other banks. When President Roosevelt called for banks to temporarily close, and customers lined up to withdraw their money, W.T. Kemper responded by personally handing out apples. This inspired so much trust in Commerce’s character that some customers stepped out of line. They were validated when Commerce was one of the first banks to reopen after the “bank holiday”.
After World War II the bank once again played an important role in the Midwest’s growth. It funded business growth, working with H&R Block, Sprint (originally called United Utilities), and Trans World Airlines, a cornerstone for today’s Kansas City International Airport. It even helped the owner of Marion Laboratories buy the Kansas City Royals in 1969. (Commerce is still the Royal’s bank.) W.T. Kemper’s son James also helped establish the Midwest Research Institute, which developed the technology behind M&Ms’ magical coating that melts in your mouth – but not in your hand.
From the 1960s to the 1990s, Commerce grew alongside the American economy, expanding throughout Missouri, Kansas and Illinois. With each local bank it acquired, Commerce stayed true to its roots by investing in its new communities while remaining diligent about safe business decisions. This emboldened the super-community banking model that Commerce still practices today.
When financial crisis caused a recession in 2008, Commerce once again remained strong thanks to the founding culture of sensibility. Commerce had steered clear of risky mortgages. While other banks filed for bankruptcy and the government spent billions to prop them up, Commerce was the country’s third largest bank to decline government assistance.
Today, Commerce continues to be a friendly, strong bank that supports personal, business and community growth. As they have for 150 years, customers appreciate that all their banking needs are met, and by a bank that is invested in the local community. We continue to build relationships based on trust, sustained performance and a commitment to the health and vitality of the community.
For the full 150-year history, please read “Building Commerce for 150 Years [PDF]*.”
Learn more about Commerce in our annual reports:
2019 Annual Report [PDF]*
2018 Annual Report [PDF]*
2017 Annual Report [PDF]*
2016 Annual Report [PDF]*
2015 Annual Report [PDF]*
View the 2019 Proxy Statement [PDF]*
View the 2018 Proxy Statement [PDF]*
View the 2017 Proxy Statement [PDF]*
1. S&P Global Market Intelligence ranking as of June 30, 2019.
2. Includes loans held for sale.
3. As of December 31, 2018.
4. As of October 15, 2019.
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