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Commerce Bancshares, Inc. Message Board

  • itsame2bea itsame2bea Mar 6, 2007 8:36 PM Flag

    Commerce buyout of Kemper stock

    Commerce buys back $20M in company stock
    Thursday February 22, 6:14 pm ET

    Commerce Bancshares Inc. said Thursday in a regulatory filing that it purchased 400,000 shares of its common stock Feb. 20 for nearly $20.3 million. The shares were purchased by private sale, at a per-share price of $50.67, from family limited partnerships established by James Kemper Jr., according to the company's filing with the Securities and Exchange Commission. Kemper is the former chairman of the board and CEO of the company and father of current Chairman and CEO David Kemper and current Vice Chairman Jonathan Kemper. Earlier this month, the firm's board approved the additional purchase of up to 2,844,425 shares of company stock. Coupled with the remaining shares to be purchased under a prior authorization, the company was given authority to repurchase 4 million shares. St. Louis- and Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH - News) operates 340 branches in Missouri, Illinois and Kansas. The company reported total assets of $15.2 billion as of Dec. 31.
    Published February 22, 2007 by the St. Louis Business Journal

49.54+0.12(+0.24%)Oct 21 4:00 PMEDT