Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
South Tulsa Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
12/4/2006
Announcement Date:
12/4/2006
Announced Deal Value ($ M):
26.25
Status:
Completed
Completion Date:
4/1/2007
Announced Deal Value Per Share ($ )
340.54

Consideration Breakout
Common Stock ($M) 26.3
Common Stock Issued 561,951

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 222.4 207.4
Price / Tangible Book (%) 222.4 207.4
Price / Earnings (x) 20.4 16.9
Price / Deposits (%) 26.06 24.61
Price / Assets (%) 21.13 20.14
Tangible Book Premium/ Deposits (%) 19.88 18.22
Deal Terms
Description of Consideration

Commerce Bancshares Inc. paid $340.54 in stock for each share of South Tulsa Financial Corporation. Target's financials are for Bank South.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 11,900
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,250
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 3,400
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer NA NA
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes McAfee & Taft