KANSAS CITY, Mo. — Commerce Bank stands to expand its business in Oklahoma as a result of its parent company's agreement to acquire Tulsa, Okla.-based Summit Bancshares.
Commerce Bancshares announced Wednesday that it agreed to acquire the Oklahoma banking concern for $40.6 million in stock.
Commerce, which has about $384 million in loans in Oklahoma, would see that number grow to about $600 million as a result of the acquisition.
Commerce, based in Kansas City, Mo., has about 360 locations in Missouri, Kansas, Oklahoma, Colorado and Illinois, including one in Champaign at 1015 W. Windsor Road.
Summit Bancshares' subsidiary, Summit Bank, has offices in the Tulsa and Oklahoma City areas.
The transaction is expected to close in the third quarter of this year, subject to regulatory approval and Summit Bancshares shareholder approval.
Commerce has had a physical presence in Oklahoma since acquiring Tulsa-based Bank South in 2007.