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ST. LOUIS, MO. - October 22, 2004 - 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 13, 2004 to shareholders of record at the close of business on November 29, 2004. 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 $.23 per share on the Company's common stock payable December 13, 2004 to stockholders of record at the close of business on November 29, 2004. The dividend will not be payable as to any shares to be issued pursuant to the 5 percent stock dividend which was also declared this date.
The Board of Directors also approved the additional purchase of up to 4,296,580 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 5,000,000 shares.
About Commerce Bancshares, Inc.
Commerce Bancshares Inc. (NASDAQ: CBSH) is a $14.1 billion regional bank holding company. For 139 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 operates across three states with nearly 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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