COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2003

Sep 10, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2003-09-09

Reporting Person: SULLINS WILLIAM A JR (Former Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-09	Common Stock	M	2678	$35.1281	Acquired	6749	Direct
2003-09-09	Common Stock	S	2678	$44.3	Disposed	4071	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-09	Stock Option (right to buy)	$35.1281	M	2678	Disposed	2008-02-05	Common Stock (2678)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	42794	Indirect

Footnotes

F1: All options are rights to buy granted under Issuer's Section 16b-3 stock option plans.