Print edition: 
Commerce Bank plans to convert its national bank charter to a state bank charter to lower its costs of doing business.
The Missouri Division of Finance said in its weekly bulletin that Commerce made application for the state charter March 30.
The $18.3 billion asset, Kansas City, Mo.-based bank is regulated by the Office of the Comptroller of the Currency.
Under the state charter, it would be regulated by Missouri and the Federal Reserve Bank of Kansas City.
Chuck Kim, Commerce's chief financial officer, said he expects the bank to receive state charter approval on or before June 30.
He said there were two main reasons the bank is switching to a state charter. One, the bank's holding company, Commerce Bancshares, is already regulated by the Fed. "That way we have the same regulator," Kim said.
The costs of being regulated — or assessments — by Missouri and the Fed will also be significantly less than by the OCC. He would not say how much money the bank would save in assessments.
"It's just a less costly regulatory structure," Kim said.
He said the change won't affect customers and it won't affect Commerce's ability to expand to other states or to acquire other banks.
Commerce operates 57 offices in Kansas, including 14 in the Wichita area.
Its holding company, Commerce Bancshares, is among the 50 largest bank holding companies in the U.S.
