COMMERCE BANCSHARES, INC. DECLARES STOCK AND QUARTERLY DIVIDENDS

(Kansas City, Missouri, October 26, 2001) Commerce Bancshares, Inc. announced today that its Board of Directors approved a 5 percent stock dividend. Certificates evidencing the dividend are to be distributed on December 14, 2001 to shareholders of record at the close of business on November 30, 2001. No fractional shares will be issued and shareholders will receive cash for such fractional interests based on the market value of the stock on the record date.

The Board of Directors also declared a regular quarterly dividend of $.16 per share on the Company's common stock payable December 14, 2001 to stockholders of record at the close of business on November 30, 2001. The dividend will not be payable as to any shares to be issued pursuant to the 5% stock dividend which was also declared this date.

Commerce Bank is a subsidiary of Commerce Bancshares, Inc., a registered bank holding company with assets of $12.3 billion offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in 341 locations in Missouri, Illinois and Kansas. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate activities.

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

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

SYMBOL: CBSH

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