Letter from the President
As we approach the end of summer 2016, the Commerce Bank team has been very busy and productive indeed!
We were very proud to announce the completion of the First Light Bancorp capital raise on June 30, 2016. This capital augmentation will allow the bank to move forward with the establishment of a new location in the thriving southern Indiana markets of Clark and Floyd counties. Look for our new location to be opened at 1122 Veterans Parkway in Clarksville, Indiana. Along with this location, the bank is very excited to be bringing on a strong group of community bankers who will be the catalyst for growth and market share acquisition. Bill White has been tapped to lead our southern Indiana market and is putting together a talented and experienced team to grow Commerce Bank’s presence in this exciting market.
Additionally, the bank recently acquired a new space on Evansville’s east side at 7312 Eagle Crest Blvd. This space was formerly a Fifth Third branch and will be remodeled to not only serve as the bank’s east side banking center but will also be expanded to allow for an eventual relocation of the bank’s main office.
In addition to the expansion of our physical presence in Evansville and the planned growth in Clarksville, Commerce Bank continues to experience strong asset growth while remaining a very safe and sound financial institution. At the end of the second quarter, the bank reported total assets of just over $130 million, an all-time high for the organization. Additionally, the bank had no 30, 60, or 90 day delinquencies and zero non-performing loans. We believe this positions our organization well for the future and demonstrates our team’s focus on asset quality and developing longterm relationships in the communities we serve.
Finally, it should be noted that for those shareholders who purchased stock in the bank in the 2011 offering, the expiration date is October 7th of this year to exercise all warrants a shareholder may be entitled to. Each warrant allows its owner to purchase a share of stock at $5.40 per share. These warrants may be transferred or sold as well. For further information or questions concerning your shares of stock or warrants, please contact me at 812-492-1800 or call Barbara Bond at 812-492-1801.
As always, our team appreciates your faith in our organization and looks forward to seeing you soon in our new locations!
President & CEO
“We are excited about this new chapter for Commerce Bank,” said Luke Yaeger, President and CEO of the bank. “Clark and Floyd Counties represent one of the great economic growth markets in the country. The Commerce Bank expansion is an exciting opportunity to bring the local, community banking experience to a market currently dominated by the big banks.”Learn more
Bill White is the new Market President for the Southern Indiana Region. He also serves on both the holding company and bank’s board of directors. White co-founded and served as President and CEO of 1st Independence Bank (which operated in the Southern Indiana, Louisville, and Central Kentucky markets) and Madison Bank (which operated in Central Kentucky). His vast banking knowledge and expertise are invaluable assets and Commerce Bank is excited to have such a strong leader in place.Michael Killen joins Commerce Bank as Senior Vice President of Commercial Lending. Killen brings over 15 years of banking experience with strong ties to the Southern Indiana market. While with Centra Credit Union, Killen refined his banking skills and Commerce Bank is fortunate to have him.
Also joining the holding company and bank’s board of directors are Matt Chalfant and Charles Moore. Chalfant and Moore both previously served as directors under 1st Independence Bank. Both have extensive real estate development and management experience in the Southern Indiana market.Learn more
“A single downtown location has served us well,“ said President and CEO Luke Yaeger. “However, as banking continues to change and evolve, so too must we in order to best meet the needs of our clients and associates. Our plan is to continue to operate in downtown Evansville as it continues to experience its growth and vibrancy. We will also be open to other branching options which allow us to best serve our clients.”
|End of Period Balances|
|Non Accrual Loans||$0||$331||-100.00%|
|Net Charge Offs (YTD)||$0||$27||-100.00%|
|Q2 2016||Q2 2015||% Change|
|Net Income (YTD)||$144||$63||128.57%|
|Earnings Per Share (YTD)||$0.16||$0.08||100.00%|
|Per Share Book Value of Equity||$6.33||$6.14||3.09%|
Some important news for our shareholders, we have recently gone to book entry for all future stock transactions. If you have a paper certificate those shares are registered as “certificated” and you should keep your certificates, however, any shares issued going forward will be in book entry form.
While we are always happy to help you, you may prefer being able to login to Computershare’s Investor Center which will allow you around the clock access to your information. User access is secure and designed to allow shareholders to get the most out of their online account management.
First Class/Registered/Certified Mail
Computershare Investor Services
P.O. Box 30170
College Station, TX 77842-3170
Computershare Investor Services
211 Quality Circle, Suite 210
College Station, TX 77845
Shareholder Services Number
Investor Center portal