Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
Pittsburg Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/29/1997
Announcement Date:
10/29/1997
Announced Deal Value ($ M):
31.30
Status:
Completed
Completion Date:
3/1/1998
Announced Deal Value Per Share ($ )
430.40

Consideration Breakout
Common Stock ($M) 33.3

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 229.3 236.2
Price / Tangible Book (%) 229.3 236.2
Price / Earnings (x) 18.5 18.8
Price / Deposits (%) 30.34 31.50
Price / Assets (%) 26.23 26.93
Tangible Book Premium/ Deposits (%) 20.47 21.15
Deal Terms
Description of Consideration

Pittsburg shareholders received 6.40 shares of Commerce common stock for each share held. Pittsburg Bancshares owned 97% of City National Bank of Pittsburg. Sellers financials are for City National Bank of Pittsburg.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 6.400000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes GRA Thompson White & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Stinson LLP