to a potential buyer? Book value is $22, 3 times book = $66, 4 times = $88. Would anyone like to comment. Commerce has a valuable franchise and would be a good fit for a lot of money center banks. Wells Fargo comes to my mind as a good fit.
I am a long time stockholder and former employee of CBSH. It remains my single largest holding. Clearly I have great faith in, as well as respect for, the management.
As others have noted, the acquisition of the bank is unlikely due to the family control, but I am certain they would accept the right offer, if in the best interest of their investors.
Regardless of what it is 'worth', I think it would take a real 'head-turning' offer to get it done. It might be seen like a 'sleepy' franchise to command such a 'head turning' price.
Wells is an interesting mention of a dance partner. The management of CBSH and the former Norwest (which acquired Wells) were on very close terms and similar philosphies. I don't know how much that philosphy has changed with the more aggressive California Wells management in the works.
Another post asked about mortgage risk. I see little problem, since traditionally, all long term stuff has been sold to the secondary market through the mortgage subsidiary. Only short term on the books. Great LTVs with a high end demographic segment and virtually no rate risk.
I am still holding. Furthermore, future sales (and there will be some) are purely in the interest of diversication.