# EDGAR Filing Document

**Accession Number:** 0000924750
**File Stem:** 0000022356-25-000086
**Filing Date:** 2025-10
**Character Count:** 11648
**Document Hash:** b9cad373b870586670bae87b19fc2220
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000022356-25-000086.hdr.sgml**: 20251002

**ACCESSION NUMBER**: 0000022356-25-000086

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250923

**FILED AS OF DATE**: 20251002

**DATE AS OF CHANGE**: 20251002

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** KEMPER DAVID W
- **CENTRAL INDEX KEY:** 0000924750

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36502
- **FILM NUMBER:** 251367342

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 419248
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64141-6248
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMERCE BANCSHARES INC /MO/
- **CENTRAL INDEX KEY:** 0000022356
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 430889454
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 WALNUT
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64106
- **BUSINESS PHONE:** 8162342000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 419248
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64141-6248

## Ex-24

```

POWER OF ATTORNEY

The undersigned hereby makes, constitutes and appoints each of
Margaret M. Rowe and Paul A. Steiner, or either of them acting
singly, and with full power of substitution, re-substitution and
delegation, the undersigned's true and lawful attorney in fact
(each of such persons and their substitutes and delegees being
referred to herein as the "Attorney-in-Fact"), with full power
to act for the undersigned and in the undersigned's name, place
and stead, in the undersigned's capacity as an officer, director
or stockholder of Commerce Bancshares, Inc. (the "Company"), to:

1. Take such actions as may be necessary or appropriate to
enable the undersigned to submit and file forms, schedules and
other documents with the U.S. Securities and Exchange Commission
("SEC") utilizing the SEC's Electronic Data Gathering and Retrieval
("EDGAR") system, which actions may include (a) enrolling the
undersigned in EDGAR Next and (b) preparing, executing and submitting
to the SEC a Form ID, amendments thereto, and such other documents
and information as may be necessary or appropriate to obtain codes
and passwords enabling the undersigned to make filings and
submissions utilizing the EDGAR system;

2. Prepare and execute any and all forms, schedules and
other documents (including any amendments thereto) the undersigned
is required to file with the SEC, or which the Attorney-in-Fact
considers it advisable for the undersigned to file with the SEC,
under Section 13 or Section 16 of the Securities Exchange Act of
1934 or any rule or regulation thereunder, or under Rule 144
under the Securities Act of 1933 ("Rule 144"), including Forms 3, 4
and 5, Schedules 13D and 13G, and Forms 144 (all such forms,
schedules and other documents being referred to herein as "SEC
Filings");

3. Submit and file SEC Filings with the SEC utilizing the
EDGAR system or cause them to be submitted and filed by a person
appointed under Section 5 below;

4. File, submit or otherwise deliver SEC Filings to any
securities exchange on which the Company's securities may be
listed or traded;

5. Act as an account administrator for the undersigned's
EDGAR account, including: (i) appoint, remove and replace
account administrators, account users, technical administrators
and delegated entities; (ii) maintain the security of the
undersigned's EDGAR account, including modification of access
codes; (iii) maintain, modify and certify the accuracy of
information on the undersigned's EDGAR account dashboard; (iv)
act as the EDGAR point of contact with respect to the
undersigned's EDGAR account; and (v) any other actions
contemplated by Rule 10 of Regulation S-T with respect to
account administrators;

6. Cause the Company to accept a delegation of authority
from any of the undersigned's EDGAR account administrators
and, pursuant to that delegation, authorize the Company's
EDGAR account administrators to appoint, remove or replace
users for the undersigned's EDGAR account; and

7. Obtain, as the undersigned's representative and on the
undersigned's behalf, information regarding transactions in
the Company's equity securities from any third party,
including the Company and any brokers, dealers, employee
benefit plan administrators and trustees, and the undersigned
hereby authorizes any such third party to release any such
information to the Attorney-in-Fact.

	The undersigned acknowledges that:

	a) This Power of Attorney authorizes, but does not
require, the Attorney-in-Fact to act in his or her discretion
on information provided to such Attorney-in-Fact without
independent verification of such information;
	b) Any documents prepared or executed by the
Attorney-in-Fact on behalf of the undersigned pursuant to
this Power of Attorney will be in such form and will contain
such information as the Attorney-in-Fact, in his or her
discretion, deems necessary or desirable;
	c) Neither the Company nor the Attorney-in-Fact assumes
any liability for the undersigned's responsibility to comply
with the requirements of Section 13 or Section 16 of the
Exchange Act or Rule 144, any liability of the undersigned
for any failure to comply with such requirements, or any
liability of the undersigned for disgorgement of profits under
Section 16(b) of the Exchange Act; and
	d) This Power of Attorney does not relieve the
undersigned from responsibility for compliance with the
undersigned's obligations under Section 13 or Section 16 of
the Exchange Act, including, without limitation, the
reporting requirements under Section 13 or Section 16
of the Exchange Act.

	The undersigned hereby grants to the Attorney-in-Fact
full power and authority to do and perform each and every act
and thing requisite, necessary or advisable to be done in
connection with the foregoing, as fully, to all intents and
purposes, as the undersigned might or could do in person, hereby
ratifying and confirming all that the Attorney-in-Fact, or his
or her substitute or substitutes, shall lawfully do or cause
to be done by authority of this Power of Attorney.

	This Power of Attorney shall remain in full force and
effect until the undersigned is no longer required to file
Forms 4 or 5 or Schedules 13D or 13G or Forms 144 with respect
to the undersigned's holdings of and transactions in
securities of the Company, unless earlier revoked by the
undersigned in a signed writing delivered to the
Attorney-in-Fact. This Power of Attorney revokes all previous
powers of attorney with respect to the subject matter of this
Power of Attorney.

	IN WITNESS WHEREOF, the undersigned has executed
this Power of Attorney as of SEPTEMBER 9, 2025.

/s/ David W. Kemper
Signature

```

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>KEMPER DAVID W<br><sub>(Last) (First) (Middle)</sub><br>1000 WALNUT ST., 7TH FLOOR<br><sub>(Street)</sub><br>KANSAS CITY, MO 64106<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-09-23 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Executive Chairman_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>COMMERCE BANCSHARES INC /MO/ [ CBSH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-09-23 |  | A |  | 114 | A | $59.4832 | 24790 | I | Exec Comp Plan |
| Common Stock |  |  |  |  |  |  |  | 40825 | I | CB Kemper Rev Trust |
| Common Stock |  |  |  |  |  |  |  | 1208311 | D |  |
| Common Stock |  |  |  |  |  |  |  | 40464 | I | EC Kemper Rev Trust |
| Common Stock |  |  |  |  |  |  |  | 49160 | I | JW Kemper Rev Trust |
| Common Stock |  |  |  |  |  |  |  | 270564 | I | Tower Properties Co |
| Common Stock |  |  |  |  |  |  |  | 17079 | I | WL Kemper Irrev Trust |
| Common Stock |  |  |  |  |  |  |  | 23725 | I | WL Kemper Rev Trust |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

**Signature:** By: Paul A. Steiner  For: David W. Kemper  
**Date:** 2025-10-01

### Remarks:

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.**