Commerce Bancshares, Inc. Increases Percentage of Independent Directors on its Board.Business Editors ST. LOUIS--(BUSINESS WIRE)--Jan. 31, 2003 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. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBSH) announced today that its Board of Directors approved a decrease in the size of the Board from fifteen directors to thirteen. The decrease will be accomplished by the resignations of Mr. William Sullins, current Vice Chairman of the Board, and Robert C. Matthews, Executive Vice President of the Company. In announcing the changes, Mr. David W. Kemper, Chairman of the Board and Chief Executive Officer, said, "This change is a result of the decision to increase the percentage of independent directors on the Board. As officers of the company, neither Mr. Sullins nor Mr. Matthews qualify as independent directors." The Board determined that eleven of the thirteen directors are considered independent under current definitions. Commerce Bancshares Inc. (NASDAQ:CBSH) a $13.3 billion regional bank holding company. For more than 135 years, Commerce has been meeting the 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. needs of individuals and businesses. Commerce provides a diversified line of financial services, 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 Bancshares operates across three states with more than 340 locations and also has operating subsidiaries 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. involved in mortgage banking, credit related insurance, venture capital and real estate activities. |
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