NEWS RELEASE ISSUED BY COMMERCIAL BANK
COMMERCIAL BANK SIGNS DEFINITIVE AGREEMENT TO ACQUIRE THREE SOUTHEAST KANSAS BANK BRANCHES
Feb. 26, 2014 – Commercial Bank announced today that it has entered into a definitive agreement with Bank of America Corporation (NYSE:BAC) to assume the deposits and acquire certain assets of three branches located in Independence, Coffeyville and Caney, Kansas.
Matthew Sutherland, Vice President of Commercial Bank in Independence shared his excitement by stating, “In our 140th year of commitment to the community, we are pleased to announce our intent to acquire the locations in Independence, Coffeyville and Caney. We look forward to welcoming new customers and introducing them to our high level of personal service and community focused banking.”
The acquisition, which is subject to approval from banking regulators, shareholders and other customary closing conditions, is expected to be completed sometime this summer. The growth of Commercial Bank through the addition of these new locations will result in more convenient banking options for customers and neighboring communities.
Commercial Bank President, Philip Eaton, notes, “This acquisition adds to our strength as a bank and our commitment to our employees, customers and communities. We look forward to welcoming new employees and customers, and are confident they will continue to thrive under our community banking principles and personal service.”
Current customers with accounts assigned to the above mentioned locations do not need to take any action at this time, and can continue to use current checks, debit cards and other products and services.
Commercial Bank currently operates seven banking facilities in five southeast Kansas communities, including three branches in Parsons, and one each in Erie, Oswego, Independence and Chanute. Founded in 1874, Commercial Bank is a full service bank and is consistently rated one of the strongest, most stable banks in Kansas. In addition to providing consumer and business banking services, Commercial Bank also provides trust services, wealth management, and owns Commercial Insurance Agency, an independent agency with locations in Independence, Parsons and Oswego.
Commercial Bank is part of a group of banks owned by the Sutherland Family. The Sutherland family owns banks in Salina, Emporia, Hoisington and Parsons with branches in Chanute, Erie, Independence, Oswego, Ellsworth, McPherson, Abilene, Claflin and Great Bend, Kansas. As a group they are acquiring ten Bank of America branches in Great Bend, Hays, Lindsborg, McPherson, Caney, Coffeyville, Independence, Hutchinson, Salina and Emporia which will increase their total assets to approximately $1.1 Billion.
Commercial Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For more information, including banking hours, feel free to visit the Bank's website at www.commercialbank.net.
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