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Northwestern Financial Review - Commerce Bank buying Missouri savings and loan

Commerce Bank, N.A., of Kansas City, Mo., is purchasing Boone National Savings and Loan Association of Columbia, Mo., a subsidiary of The Jones Financial Companies, LLLP. With $150 million in assets, Boone National Savings and Loan operates four branches in Columbia, Mo., and loan production offices in Ashland and Lake of the Ozarks.

Commerce Bank, N.A., is a subsidiary of Commerce Bancshares, Inc, a $14 billion bank holding company with 340 locations in Missouri, Kansas and Illinois. Commerce Bank's Central Missouri Region includes $400 million in deposits and 11 branches in the Missouri cities of Columbia, Mexico, Moberly, California and Tipton.

"Boone National Savings and Loan Association is an excellent complement to our Commerce Bank, Central Missouri Regional franchise," said Teresa Maledy, president and market manager, Commerce Bank, N.A., Central Missouri Region. "Rick Kruse and his team have a long and proud tradition of serving their clients and the Columbia community. We look forward to enhancing the combined strengths of our two organizations."

"By joining forces with Commerce Bank, our clients will receive significant additional benefits in expanded products, convenience and service," commented Rick Kruse, president and CEO of Boone National S&L. "Commerce Bank's focus on relationship development and quality customer service will provide a good fit for Boone National Savings and Loan."

"Among the fastest-growing Metropolitan Statistical Areas in the state, the Columbia/Central Missouri Region continues to be a key growth market for our company," commented David W. Kemper, chairman of Commerce Bancshares, Inc. "The acquisition provides a significant opportunity to strengthen our super-community bank in Central Missouri."

A press release announcing the transaction states: "Nominal consideration recognizes Boone National Savings and Loan Association's equity as of December 31, 2005 of $15,389,000 plus a premium for the banking business of $16,250,000. Pending regulatory approval, the transaction is expected to close in July."