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Commerce Bancshares, Inc. Declares Cash Dividends on Common and Preferred Stock

Commerce Bancshares, Inc. (NASDAQ: CBSH) announced today that its Board of Directors declared a quarterly dividend of $0.27 per share on the Company's common stock, which compares to the prior dividend of $0.248 as adjusted for the 5% stock dividend that was paid on December 18, 2019. This represents an increase in the quarterly dividend per share of 9% and marks the 52nd consecutive year that the Company has increased its regular cash dividend per share. The dividend is payable on March 23, 2020 to stockholders of record at the close of business on March 6, 2020.

The Board of Directors also declared a quarterly dividend of $0.375 per depositary share on the Company’s Series B non-cumulative perpetual preferred stock (NASDAQ: CBSHP) payable March 2, 2020, to stockholders of record at the close of business on February 14, 2020.

About Commerce Bancshares, Inc.

With $26.1 billion in assets1, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line. Learn more at www.commercebank.com.

1. As of December 31, 2019

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Matthew Burkemper (314) 746-7485