Commerce Bancshares Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Commerce Bancshares, Inc. on February 20, 2007. The filing discloses a material event under Item 7.01 (Regulation FD Disclosure) regarding a share repurchase transaction.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial data disclosed relates to the share repurchase transaction:
- Shares Repurchased: 400,000 shares of common stock.
- Price Per Share: $50.67.
- Total Transaction Value: Approximately $20.27 million (calculated from disclosed figures).
- Counterparty: Family limited partnerships established by James M. Kemper, Jr.
Material Changes
The primary material change is the reduction of outstanding shares through a private sale. This transaction was executed under an existing Board of Directors authorization to repurchase up to 4,000,000 shares. The filing does not provide comparative financial data against prior periods.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or management commentary regarding future financial performance. The transaction was motivated by the selling parties' desire to diversify their holdings. The document explicitly states that the information is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor incorporated by reference into other filings.
Key Facts for Investor Verification
- Verify the remaining number of shares authorized for repurchase under the 4,000,000 share program.
- Confirm the relationship between the seller (James M. Kemper, Jr.) and current management (sons David W. Kemper and Jonathan M. Kemper).
- Review subsequent filings for the impact of this repurchase on earnings per share and total equity.
- Note that this was a private sale, not an open market transaction.