Boone National Savings and Loan Association and Commerce Bank, N.A., Announce Agreement.COLUMBIA, Mo. -- Rick Kruse, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Boone National Savings This article is about the economic term. For the United Kingdom government-run savings institution previously known as National Savings, see National Savings and Investments. and Loan Association, and Teresa Maledy, president and market manager, Commerce Bank, N.A., Central Missouri Region, jointly announce today the signing of an agreement whereby Commerce Bank, N.A., will acquire the banking business of Boone National Savings and Loan Association. Nominal consideration recognizes Boone National Savings and Loan Association's equity as of December 31, 2006 of $15,389,000 plus a premium for the banking business of $16,250,000. Pending regulatory approval, the transaction is expected to close in July 2006. Boone National Savings and Loan Association is the sole savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. subsidiary of The Jones Financial Companies, L.L.L.P., whose primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. is Edward D. Jones Edward D. Jones, Sr. (July 29, 1893-October 10,1982) was an investment banker born in St. Louis. He graduated from Bellefontaine High School in Bellefontaine, Ohio in 1913, then from New York University in 1916. After graduating from NYU, Jones was employed by N. W. & Co. L.P. With approximately $150 million in assets, Boone National Savings and Loan Association operates four branches in Columbia and loan production offices in Ashland and Lake of the Ozarks The Lake of the Ozarks is a large man-made reservoir created by impounding the Osage River in central Missouri in the northern part of the Ozarks. In addition, three smaller tributaries of the Osage which were also impounded include the Niangua River, the Grandglaize Creek, and . Commerce Bank, N.A., is a subsidiary of Commerce Bancshares This article is about the bank headquartered in Kansas City, Missouri. For other uses, see Commerce Bank. Commerce Bancshares (NASDAQ: CBSH) is a Kansas City, Missouri based bank with branches in Kansas, Missouri, Illinois, and Oklahoma. , Inc., a $14 billion bank holding company with 340 locations in Missouri, Kansas and Illinois. Commerce Bank's Central Missouri Region includes $400 million in deposits and 11 full-service branches in Columbia, Mexico, Moberly, California and Tipton. Once the acquisition is complete, total deposits for Commerce Bank, Central Missouri Region will increase to $507 million. Maledy stated, "Boone National Savings and Loan Association is an excellent complement to our Commerce Bank, Central Missouri Region franchise. Rick Kruse and his team have a long and proud tradition of serving their clients and the Columbia community. We look forward to enhancing the combined strengths of our two organizations." Kruse added, "By joining forces with Commerce Bank, our clients will receive significant additional benefits in expanded products, convenience and service. Commerce Bank's focus on relationship development and quality customer service will provide a good fit for Boone National Savings and Loan Association." During the announcement, both Maledy and Kruse pledged an unwavering commitment to teamwork and quality during the transition. "We see this as an opportunity to expand not only market share, but also our commitment to clients and the community we serve," added Maledy. David W. Kemper, chairman, Commerce Bancshares, Inc., commented, "Among the fastest-growing Metropolitan Statistical Areas (MSAs) in the state, the Columbia/Central Missouri Region continues to be a key growth market for our company. The acquisition provides a significant opportunity to strengthen our super-community bank in Central Missouri, and we look forward to welcoming Boone National Savings clients to Commerce." About Commerce Bank Commerce Bank is the principal subsidiary of Commerce Bancshares, Inc. (Nasdaq:CBSH), a $13.9 billion regional bank holding company. For more than 140 years, Commerce has been meeting the financial service needs of individuals and businesses. Commerce provides a diversified line of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including business and personal banking, wealth management and estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the , and investments through its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. . Commerce currently operates in approximately 340 locations in Missouri, Illinois and Kansas. Commerce also has operating subsidiaries involved in mortgage banking, credit-related insurance, venture capital and real estate activities. |
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