Commerce Bancshares (NASDAQ:CBSH) and Visa (NYSE: V) announced today they have signed a five-year renewal agreement, extending the companies' longstanding relationship.
Under terms of the deal, Commerce Bancshares will continue offering the full range of Visa consumer and commercial products - including prepaid, consumer debit and credit, small business debit and credit and commercial cards - through 2013. Commerce Bancshares will also continue to use Visa Debit Processing Service for its prepaid processing capabilities.
"Today's announcement extends our track record of offering a wide array of Visa products and services that meet the specific needs of our customers," said Chuck Kim, Executive Vice President of Commerce Bancshares. "As more consumers and businesses migrate away from paper to electronic payments, we are well-positioned to deliver greater convenience, flexibility and security to our customers."
Commerce Bancshares is a $17.5 billion regional bank holding company headquartered in Missouri. Its bank subsidiary, Commerce Bank, N.A. is one of the country's preeminent regional banks, operating in the Midwest, primarily in Missouri, Kansas, Illinois, Oklahoma and Colorado with more than 350 locations.
"Commerce Bancshares has been a longstanding Visa partner, and we greatly value their decision to renew our relationship," said Bill Sheedy, President, North America, Visa Inc. "We look forward to working further with Commerce Bancshares to offer Visa payment solutions that help the bank differentiate in a competitive marketplace, while meeting key business objectives and unique customer needs."