Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
West Pointe Bancorp, Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
4/13/2006
Announcement Date:
4/13/2006
Announced Deal Value ($ M):
80.90
Status:
Completed
Completion Date:
9/1/2006
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Unclassified ($M) 80.9
Common Stock Issued 1,500,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 227.2 270.5
Price / Tangible Book (%) 227.2 270.5
Price / Earnings (x) 22.8 NM
Price / Deposits (%) 20.12 21.52
Price / Assets (%) 16.95 17.60
Tangible Book Premium/ Deposits (%) 13.59 16.60
Deal Terms
Description of Consideration

Commerce Bancshares Inc. paid $80.9 million in cash and common stock to acquire West Pointe Bancorp Inc. subject to up to 25% of consideration being paid in cash.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 38,300
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 48.7500
% of Shares Outstanding 19.90
Shares Under Option 217,000
Core Deposit Intangibles ($ 000) 14,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer NA NA
Seller Yes Stifel Nicolaus & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Bryan Cave Leighton Paisner