Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
CNB Bancorp, Inc. ESOP
Deal Type:
Bank & Thrift Company
Agreement Date:
6/11/1997
Announcement Date:
6/11/1997
Announced Deal Value ($ M):
14.50
Status:
Completed
Completion Date:
8/29/1997
Announced Deal Value Per Share ($ )
761.92

Consideration Breakout
Cash ($M) 3.6
Common Stock ($M) 10.9

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 166.1 166.1
Price / Tangible Book (%) 166.1 166.1
Price / Earnings (x) 12.1 12.1
Price / Deposits (%) 17.10 17.10
Price / Assets (%) 15.39 15.39
Tangible Book Premium/ Deposits (%) 7.35 7.35
Deal Terms
Description of Consideration

CNB shareholders received $761.92 in either cash or Commerce common stock. Approximately 25% of the consideration was paid in cash. Seller's financials are for Citizens National Bank in Independence.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 15.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
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 NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes John Viets