COMMERCE BANCSHARES INC /MO/ - 8-K Filing
Commerce Bancshares accepted an exchange offer for its Visa shares, converting 411,723 Class B-2 common stock into a mix of Class B-3 and C common stock. This resulted in a pre-tax gain of $99 million based on the closing price of $318.79 per share of Visa Class A stock on May 8, 2026. The company also plans to sell debt securities with an amortized cost of approximately $911 million at a yield of about 2.5%, expecting a pre-tax loss of around $95 million before reinvesting in higher-yielding assets.
Tickers: $CBSH