Commerce Bancshares Issues Notice of Redemption of Series B Preferred Shares

Commerce Bancshares, Inc. today announced that it will redeem all outstanding shares of its 6.00% Series B Non-Cumulative Perpetual Preferred Stock, $1.00 par value per share (“Series B Preferred Stock”), and the corresponding depositary shares representing fractional interests in the Series B Preferred Stock (“Series B Depositary Shares”).

The Series B Depositary Shares (Nasdaq: CBSHP, CUSIP: 200525301), each representing a 1/1,000th interest in a share of Series B Preferred Stock, will be redeemed simultaneously with the redemption of the Series B Preferred Stock at a redemption price of $25 per depositary share (equivalent to $1,000 per share of preferred stock). All 6,000,000 outstanding Series B Depositary Shares will be redeemed on the dividend payment date of September 1, 2020 (the “Redemption Date”).

Regular dividends on the outstanding shares of the Series B Preferred Stock of 6.00% per share will be paid separately on September 1, 2020 to holders of record as of the close of business on August 14, 2020, in the customary manner. Accordingly, the redemption price for the Series B Preferred Stock will not include any accrued and unpaid dividends. On and after the Redemption Date, all dividends on the shares of Series B Preferred Stock will cease to accrue.

Holders of Series B Preferred Stock that have certificates will receive the redemption price upon presentation and surrender of such certificates to be redeemed to Computershare Trust, N.A., as redemption agent, at 462 South Fourth Street, Suite 1600, Louisville, KY 40202. Series B Depositary Shares that are held in book entry through The Depository Trust Company (“DTC”) will be redeemed in accordance with the procedures of DTC.

About Commerce Bancshares, Inc.

With $30.5 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.