Commerce agrees to buy Tulsa bank in $40.6 million deal

Commerce Bancshares Inc. has agreed to buy a Tulsa bank for $40.6 million in Commerce shares.

The deal is the second recent Kansas City area bank acquisition in Tulsa. In April, CrossFirst Bank in Leawood agreed to buy Tulsa National Bank and its parent company.

Commerce is buying Summit Bank, which has $261 million in assets that include $213 million in loans. Summit Bank will fold into Commerce’s existing Oklahoma banking operations, which account for $384 million of Commerce’s total loans.

Wade Edmundson, the chief executive of Summit Bank, will become president of Commerce Bank’s Oklahoma market. Carl Hudgins will remain chairman of the market.

Commerce, a $22.2 billion banking company based in Kansas City, acquired Bank South in Tulsa in 2007.