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

Jan 19, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2011-01-18

Reporting Person: ABERDEEN JEFFERY D (Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-18	Common Stock	M	6202	$27.3313	Acquired	27032	Direct
2011-01-18	Common Stock	S	5625	$41.6825	Disposed	21407	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-18	Non-qualified Stock Option (Right to Buy)	$27.3313	M	6202	Disposed	2012-03-07	Common Stock (6202)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12066	Indirect
Common Stock	331	Indirect
Common Stock	331	Indirect
Common Stock	331	Indirect
Common Stock	1603	Indirect

Footnotes

F1: Range of sales prices is $41.62 to $41.71 per share.

F2: Stock holdings adjusted to include 5% stock dividend. Record date 12/6/2010. Payable date 12/20/2010.