COMMERCE BANCSHARES, INC. INCREASES DIVIDEND 6.6%

(St. Louis, February 1, 2002) -- Commerce Bancshares, Inc. announced today that its Board of Directors declared a quarterly dividend of $.1625 per share on the Company's common stock which represents a 6.6% increase over the prior dividend of $.16 per share when adjusted for the 5 percent stock dividend paid on December 14, 2001. This marks the 34th consecutive year the company has increased total dividends per share. The dividend is payable on March 28, 2002 to stockholders of record at the close of business on March 8, 2002.

The Board of Directors also approved the additional purchase of up to 1,478,763 shares of company stock. This, coupled with the shares left to be purchased under the prior authorization will provide the Company with authority to repurchase 3,000,000 shares.

Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services, including retail and commercial banking, investment management and securities brokerage. The Company currently operates in approximately 340 locations in Missouri, Illinois, and Kansas. The Company also has other operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities.

For further information contact:
Jeffery D. Aberdeen
Controller
(816) 234-2081

Website: www.commercebank.com
e-mail: mymoney@commercebank.com
SYMBOL: CBSH

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