Longtime Commerce leader promoted as part of succession plan
St. Louis, MO – October 30, 2020 – John Kemper, President and Chief Executive Officer of Commerce Bancshares, announced today that David Orf, currently executive vice president and Chief Credit Officer of Commerce’s west region, has been promoted to Chief Credit Officer of Commerce Bancshares effective January 1, 2021, assuming the role currently held by Dan Callahan who will retire from his day-to-day duties at the end of the year. Callahan, who has been with Commerce for 17 years and has served in the CCO role since 2010, has agreed to stay for an additional year to support credit administration projects and assist with the leadership transition, with full retirement to take place in January 2022.
“Under Dan’s leadership, Commerce has built upon a long history of industry-leading credit risk management. Dan has been a trusted steward of Commerce’s strong credit culture. His contributions to the organization have been invaluable and have positioned Commerce very well as we navigate the current economic cycle.” said Kemper. “We are most appreciative of Dan’s expertise and steady leadership, and we know he’ll continue to add value to our organization in his new role.”
Orf will assume Company-wide leadership of credit administration, including credit policy, credit decisioning, special assets and portfolio management. He and his team will continue to ensure the overall quality of Commerce’s lending portfolio and will safeguard our culture of prudent risk management. As part of this transition, Orf will join the Commerce Bancshares Executive Management Committee in January.
“This announcement is the culmination of deliberate succession planning efforts in recent years, and we are delighted to welcome David to this role and to the executive leadership team at Commerce,” said Kemper. “David brings vast experience to the Chief Credit Officer role including previous work as a federal bank regulator, director of special assets and contributions to the Commerce credit policy and risk management team. I look forward to his leadership in continuing Commerce’s long-standing commitment to diversified, quality loan growth while maintaining a strong credit profile.”
Orf joined Commerce in 2006 and was involved in the origination of the special assets group, later becoming the director of that group for the Company, before becoming the credit executive for the western half of the Commerce footprint. He began his career as a commissioned bank examiner with The Federal Reserve Bank of St. Louis and has been in banking for 30 years. Orf is a graduate of the University of Missouri – Columbia, where he earned a Bachelor of Science degree in business administration.
About Commerce Bancshares, Inc.
With $31.5 billion in assets1, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line. Learn more at www.commercebank.com.
1. As of September 30, 2020