Commerce declares stock, quarterly dividends

Kansas City-based Commerce Bancshares Inc. announced two dividends Friday - one for cash and one for stock.

The bank's Board of Directors approved a 5 percent stock dividend, payable Dec. 15 to shareholders of record at the close of business Nov. 30, meaning that shareholders on that date will receive additional stock equivalent to 5 percent of their current holdings.

The company said in a news release that no fractional shares will be issued; shareholders will receive cash for any fractional interests based on the market value of the stock on the record date.

The board also declared a regular quarterly cash dividend of 24 cents per share, payable Dec. 15 to stockholders of record on Nov. 30. The dividend will not be payable on shares issued through the stock dividend.

Commerce Bancshares operates more than 370 Commerce Bank locations, including 12 in the Springfield metropolitan statistical area. Shares of Commerce (Nasdaq: CBSH) closed Friday at $38.36, compared to a 52-week range of $27.80 to $46.38, and were trading up at $38.30 as of 9:30 a.m.