Bank Merger Exchanges Big Bucks
Bank officials said the merger will offer better opportunities for everyone.
"It impacts the average banking customer by giving them more options, additional locations which might be more convienient and, with the Boone National customers, we're excited that we're able to provide our services to them," said Teresa Maledy, Commerce president.
Bank officials won't say how the merger will affect Boone National employees, including possible layoffs. Boone National President Rich Kruse said when two companies merge there are always duplications of responsibilities. He says officials are working to find positions for Boone National employees at Commerce.
Construction on the partnership's first joint location will begin in mid-July, just after the deal is expected to close. Commerce Bank has more than $14 billion in assets, and locations in Missouri, Kansas and Illinois. The merger with Boone National will add another four locations and $170 million in assets.