I am unsure if we read the same report related to the Peoria loans, but my recollection is of a report which dealt with a loan to the local Public TV station who decided to borrow for new facilities and has had difficulty paying off the loan as promised. (This happens). Bank of America was also involved in this project financing and was apparently the lead lender and received most of the publicity. While I would like a more active and independent Board, I think that it is not appropriate for a Bank to discuss details of a transaction in work out, especially as the loan is to a community institution.
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 http://biz.yahoo.com/bizj/070222/1422799.html?.v=1