COMMERCE BANCSHARES, INC. ELECTS TO EXPENSE STOCK OPTIONS

St. Louis, February 3, 2003 -- Commerce Bancshares, Inc. announced last week to its Board of Directors that beginning in 2003 it plans to change its accounting for stock options and expense option grants. This change coincides with the recently issued SFAS 148, "Accounting for Stock-Based Compensation-Transition and Disclosure," which provides additional guidance when expensing stock options. The Company will adopt this change by restating all prior financial statements as allowed by SFAS 148. During 2002, the Company issued stock options totaling 592,255, or less than 1% of total outstanding common stock. It is expected that this change will reduce basic and diluted earnings per share as previously reported over the last three years by $.05 per share. Management believes expense recognition is a preferential method of accounting reflecting that stock options are a form of employee compensation.

For more information contact:
Jeffery D. Aberdeen, Controller
(816) 234-20818

Website: www.commercebank.com
e-mail: mymoney@commercebank.com
SYMBOL: CBSH

# # #