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Friday, October 25, 2013

John P. Lewis to Join Commerce Bank Management Team

Tucson-based Commerce Bank of Arizona has called off its planned merger with a Scottsdale bank, citing regulatory delays.
Commerce Bank and First Scottsdale Bank announced in June that shareholders on both sides of the deal had approved a merger that was expected to be finalized later in the summer.
Commerce Bank parent CBOA Financial Inc. said Wednesday in a news release that “banking regulatory authorities had not disapproved of the transaction.”
But the company said its board “concluded that further delay was likely to be detrimental to the interests of (CBOA Financial) shareholders.”
Commerce Bank President and CEO John S. Lewis, who had planned to retire when the merger was completed, will now remain as CEO, the company said. Commerce Bank also said it is in discussions with John P. Lewis (no relation to John S. Lewis), a native Tucsonan and a longtime Tucson banker, to join the bank as president of its Southern Arizona operations. Under the planned merger, John P. Lewis was to come out of retirement to lead the merged bank.
John S. Lewis said that Commerce Bank “had made progress resolving issues within its loan portfolio,” and that the bank will formulate a new strategic plan “and seek capital within the Tucson community in the near future.”

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