Mergers & Acquisitions

Source: SNL

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Deal Overview

Buyer:
Commerce Bancshares, Inc.
Actual Acquirer:
Commerce Bancshares, Inc.
Target:
Cotton Exchange Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/16/1994
Announcement Date:
8/16/1994
Announced Deal Value ($ M):
9.00
Status:
Completed
Completion Date:
3/1/1995
Announced Deal Value Per Share ($ )
4,372.12

Consideration Breakout
Cash ($M) 4.4
Common Stock ($M) 5.4
Common Stock Issued 176,854

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 139.6 154.5
Price / Tangible Book (%) 139.6 154.5
Price / Earnings (x) 11.7 20.8
Price / Deposits (%) 15.69 17.43
Price / Assets (%) 14.03 15.54
Tangible Book Premium/ Deposits (%) 4.92 6.75
Deal Terms
Description of Consideration

Cotton shareholders received, in aggregate, 176,854 shares of CBSH common stock and $4.4 million in cash for all outstanding shares. Seller's financials are for Cotton Exchange Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 2,745
Estimated Cost Savings (%) NA
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) 85.934900
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Mercer Capital Management,
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Blackwell Sanders Peper Martin
Seller Yes Coburn & Croft