Morton Bancorp, Inc., the holding company for Bank of Morton, and Commerce Bancorp, Inc., the holding company for Bank of Commerce, jointly announced that Commerce Bancorp has acquired Morton Bancorp in an all-cash transaction. Other financial terms were not disclosed.
Olsen Palmer LLC served as financial advisor to Morton Bancorp, Inc. in conjunction with this transaction.
As part of the transaction, Bank of Morton merged with and into Bank of Commerce. Upon consummation, Bank of Commerce has total assets of approximately $900 million and 10 full-service banking locations, based on financial information as of September 30, 2023.
Fenimore Kay Harrison served as legal advisor to Morton Bancorp, Inc. and Jones Walker served as legal advisor to Commerce Bancorp.