CommerceBank Stock Falls 43%: After announcing Wednesday...
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CommerceBank Stock Falls 43%: After announcing Wednesday that its tentative acquisition had been scuttled, the holding company for CommerceBank in Newport Beach saw its stock price drop 43% Thursday on the NASDAQ market. The stock closed at $4.25 a share, down $3.25.
The company said late Wednesday that Michigan National Corp. decided to withdraw from a tentative $25.5-million deal to acquire it. “Obviously, some buyers were counting on this deal,” said Raymond E. Dellerba, CommerceBank’s president.
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