M&A

The company agreed to buy Commerce Bancshares in Worcester, Mass., in a deal that is expected to close in the next six to nine months.

The Trump administration must weigh risks to national security in its review of the $1.2 billion deal. Its decision will shed light on whether — given the president’s “America First” rhetoric — Chinese investment is still welcome in the U.S. financial services sector.

In March 1998, American Banker reported plans by Norwest Corp. to establish sales quotes and step up cross-selling. Three months later, the Minneapolis bank merged with Wells Fargo.

Banks and nonbanks are typically foes, but banks made 34 nonbank M&A deals through mid-May, emerging as buyers in two-thirds of them. Many buyers are eager to pad fee income by adding investment, specialty finance or insurance firms; sellers are typically looking to cut costs. Here is a roundup of such deals this year.

The Maryland company agreed to pay $489 million in stock in a deal that is expected to close in the fourth quarter.