COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2011

Mar 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2011-03-03

Reporting Person: RAUSCHER ROBERT (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-03	Common Stock	M	8138	$24.2879	Acquired	33194	Direct
2011-03-03	Common Stock	S	6031	$40.58	Disposed	27163	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-03	Non-qualified Stock Option (Right to Buy)	$24.2879	M	8138	Disposed	2011-03-06	Common Stock (8138)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7165	Indirect

Footnotes

F1: Range of sales prices is $40.55 to $40.6406 per share.