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(Kansas City, January 30, 2004) Commerce Bancshares, Inc. announced today that its Board of Directors declared a quarterly dividend of $.23 per share on the Company's common stock which represents a 7.3% increase over the prior dividend when adjusted for the 5 percent stock dividend paid on December 12, 2003. This marks the 36th consecutive year the company has increased total dividends per share. The dividend is payable on March 26, 2004 to stockholders of record at the close of business on March 8, 2004.
The Board of Directors also approved the additional purchase of up to 1,825,129 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.
About Commerce Bank
Commerce Bancshares, Inc. (NASDAQ: CBSH) is a $14.3 billion regional bank holding company. For more than 135 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a diversified line of financial services, including business and personal banking, wealth management and estate planning, and investments through its affiliated companies. Commerce Bancshares operates across three states with more than 330 locations and 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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