CBSH Form 4: David W. Kemper Acquires 114 Shares

Rhea-AI Filing Summary

David W. Kemper, Executive Chairman and director of Commerce Bancshares, reported an insider purchase on Form 4. The filing shows a 9/23/2025 acquisition of 114 shares of Commerce Bancshares common stock at $59.4832 per share. Following the transaction, the filing lists 24,790 shares beneficially owned indirectly by the reporting person and additional holdings across several trusts and compensation plans totaling larger indirect and direct positions.

Insights

Financial Analyst

TL;DR Insider acquisition of 114 shares at $59.4832; holdings spread across trusts and plans, indicating continued ownership alignment.

The 114-share purchase is a small, routine insider transaction relative to the reported aggregated holdings. The Form 4 confirms indirect beneficial ownership across multiple entities, including revocable and irrevocable trusts and an executive compensation plan. This filing provides transparency on insider positions but does not disclose material changes to overall ownership percentages or company capitalization.

Corporate Governance Expert

TL;DR Director and Executive Chairman reported a minor open-market acquisition and retained ownership via multiple trusts.

The filing documents compliance with Section 16 reporting requirements and shows diversified indirect ownership structures commonly used for estate and succession planning. The small acquisition is consistent with routine insider activity and does not indicate a substantive governance shift or change in control.

Insider Trade Summary

8 transactions reported

Mixed 8 txns

Insider KEMPER DAVID W

Role Executive Chairman

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	114	$59.4832	$7K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 24,790 shares (Indirect, Exec Comp Plan); Common Stock — 1,208,311 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KEMPER DAVID W

(Last) (First) (Middle)

1000 WALNUT ST., 7TH FLOOR

(Street)

KANSAS CITY MO 64106

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMERCE BANCSHARES INC /MO/ [ CBSH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/23/2025		A		114	A	$59.4832	24,790	I	Exec Comp Plan
Common Stock								40,825	I	CB Kemper Rev Trust
Common Stock								1,208,311	D
Common Stock								40,464	I	EC Kemper Rev Trust
Common Stock								49,160	I	JW Kemper Rev Trust
Common Stock								270,564	I	Tower Properties Co
Common Stock								17,079	I	WL Kemper Irrev Trust
Common Stock								23,725	I	WL Kemper Rev Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	By: Paul A. Steiner For: David W. Kemper	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did CBSH disclose on this Form 4?

The Form 4 reports that David W. Kemper acquired 114 shares of Commerce Bancshares common stock on 09/23/2025 at a price of $59.4832 per share.

How many shares does David W. Kemper beneficially own after the reported transaction?

The filing lists 24,790 shares as beneficially owned following the reported transaction in the line showing that specific common stock holding; additional holdings across trusts and plans are listed separately.

What other holdings of Commerce Bancshares are disclosed for the reporting person?

The Form 4 discloses holdings in an executive compensation plan (40,825 shares), Kemper revocable and irrevocable trusts (multiple entries including 1,208,311; 270,564; 49,160; 23,725), and other entities totaling additional indirect and direct positions.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Paul A. Steiner on behalf of David W. Kemper on 10/01/2025.

Does the Form 4 show any derivative transactions?

No. The filing's Derivative Securities section contains no reported transactions or holdings.