Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

PSC OKs Ameren hike * The Missouri Public Service Commission has approved an increase in electric bills for Ameren Missouri customers to compensate the utility for increased fuel and purchased power costs. Bills will go up an average of 96 cents a month for residential customers who use 1,100 kilowatt-hours per month, the commission said. The change takes effect in June. (Jeffrey Tomich)

Commerce buys Summit * Commerce Bancshares, parent of Commerce Bank, said today that it was acquiring Oklahoma-based Summit Bancshares for $40.6 million in Commerce Bancshares stock. The acquisition of Summit Bancshares, parent of Summit Bank, will add approximately $261 million in assets, $213 million in loans and $231 million in total deposits, Commerce said. Boards of both companies have approved the deal, scheduled to close in the third quarter, subject to regulatory approvals and Summit Bancshares' shareholder approval. An application will also be made to merge Summit Bank with Commerce Bank, the companies said. Commerce, with $22 billion in assets, has dual headquarters in Clayton and Kansas City. (Tim Bryant)

Google offers music plan * Google launched on Wednesday a subscription-based music service, allowing users of Android phones and tablets to listen to songs and artists for a monthly fee. The streaming service, called All Access, is available in the U.S. for $9.99 per month after a 30-day free trial. It will be available in other countries later. For those who start the trial by June 30, the monthly fee is $7.99. All Access will be competing with Spotify, Rhapsody, Pandora and other popular music services. Apple, the biggest seller of online music, does not have a subscription-based service.

Sales help Macy's * Macy's Inc. reported a 20 percent increase in first-quarter profit even though cool temperatures and economic worries dampened some of its shoppers' spending on spring clothes. …

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