NEW: Commerce Bank & Trust Extends Reach into Boston
Thursday, March 22, 2012
The deal will give Worcester-based Commerce a physical presence in Boston, according to a press release, and will boast combined assets of $1.6 billion, with 16 retail banking offices serving people and businesses across central and eastern Massachusetts, including three offices in the Boston metro area.
Once the merger is complete, it is expected the Mercantile Capital Corp will take on the Commerce Bank & Trust name.
“Commerce Bank and Mercantile Bank are both committed to providing superior service and serving the needs of the communities in which we do business,” said Commerce Bank President and CEO Brian W. Thompson. “This transaction will provide customers of both institutions with greater access to a wide selection of products and services, increased lending opportunities, new capabilities, and innovative solutions that meet their evolving needs.”
David G. Massad, Chairman of Commerce Bancshares, promised a continuation of the Mercantile Bank & Trust mission. “We look forward to joining with the talented team at Mercantile and further developing their already deep relationships in their community and with their customers,” he said.
That is something that appealed to Charles P. Monaghan, President and CEO of Mercantile Bank & Trust Company.
“The merger combines two banks with strong traditions of commitment to our customers, employees and the communities we serve,” Monaghan said. “We are pleased that Commerce will maintain and continue to build upon Mercantile’s small business lending initiatives and deep commitment to the Boston market, allowing us to serve a broader range of customers through commercial and real estate lending and become an even more active SBA lender.”
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