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(Chanute, KS, Jan. 11, 2008) – Community National Bank (CNB) announced today that it has entered into an agreement with Commerce Bank N.A. (NASDAQ:CBSH) to acquire the Commerce Bank locations and ATMs in Independence, Kansas. It is anticipated that the transfer of the purchased assets and deposits (subject to regulatory approval) will take place in second quarter 2008.
"Independence is an exceptional community that we look forward to serving, and it’s also strategically a great fit for Community National in Montgomery County. Community National is extremely pleased about this opportunity to extend our presence in Southeast Kansas," said Dan Mildfelt, president and CEO of Community National Bank. Dr. Phil Eastep, chairman of the board of CNB added, "CNB’s present customers and Banking Centers throughout the Region will benefit tremendously from the strengths, reputation and success that Commerce Bank and its talented officers and employees have offered the Independence community for many years."
About Community National Bank
Community National Bank is a privately held, $480 million banking institution with 21 banking facilities in 18 communities throughout Southeast and South Central Kansas. CNB is located in Chanute, Humboldt, Girard, Frontenac, El Dorado, Pittsburg, Edna, Cherryvale, Neodesha, Parsons, Burns, Fredonia, Iola, Caney, Coffeyville, Eureka, Benton and Winfield. The Bank’s emphasis on exceptional customer service, strong support of local needs, and a passion for civic services in the communities it serves, along with a focus of expertise on all facets of banking, ranging from real estate and consumer lending, bond financing, manufacturing and agriculture, to creative account products and premium deposits rates, has enabled them to make their customers and employees their most important assets. CNB offers longer hours, Saturday Banking, and a passion for community service, which has made Community National Bank a strong financial leader in this Region.
For additional information, please visit www.mybankcnb.com
About Commerce Bancshares, Inc.
Commerce Bancshares, Inc. (NASDAQ: CBSH), is a $16 billion regional bank holding company. For more than 140 years, Commerce has been meeting the financial services needs of individuals and businesses throughout the Midwest region. Commerce provides a diversified line of financial services, including business and personal banking, wealth management and estate planning, and investments through its affiliated companies. Commerce maintains nearly 360 locations in the Midwest and also has operating subsidiaries involved in mortgage banking, leasing, credit related insurance, venture capital and real estate activities.
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For additional information contact:
Daniel L. Mildfelt, CEO
Community National Bank
620.431.2265
Jeanne D. Howard
Director of Regional Marketing
Commerce Bancshares, Inc.
314.746.3672
Web Site: http://www.commercebank.com
Email: mymoney@commercebank.com
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