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COMMERCE BANCSHARES, INC. DECLARES DIVIDEND

(Kansas City, MO, July 23, 2004) Commerce Bancshares, Inc. announced that its Board of Directors has approved a regular quarterly dividend of $.23 per share on the Company's common stock payable September 27, 2004, to stockholders of record at the close of business on September 13, 2004.

About Commerce Bank
Commerce Bank is the principal subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $14.4 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 currently operates in approximately 330 locations in Missouri, Illinois and Kansas. Commerce 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
www.commercebank.com
mymoney@commercebank.com

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