Commerce Bancshares, Inc. Declares Special Dividend of $1.50 Per Share Along With Normal Quarterly Dividends and 5% Stock Dividend
Commerce Bancshares, Inc. (NASDAQ: CBSH) announced today that its Board of Directors approved a 5 percent stock dividend payable on December 17, 2012 to shareholders of record at the close of business on November 30, 2012. Shares issued as a result of the stock dividend will be entered by Direct Registration System on the records of the company's transfer agent. No fractional shares will be issued and shareholders will receive cash for such fractional interests based on the market value of the stock on the record date.
Also today the Board of Directors approved a regular quarterly dividend of $0.23 per share on the company's common stock and also authorized a special cash dividend of $1.50 per share. “Given the potential significant increases in tax rates on dividends beginning next year, and our strong levels of capital, it is an opportune time to provide this special dividend distribution to our shareholders before the end of the year,” David W. Kemper, chairman and CEO, said. "After this special dividend, our capital ratios will continue to be very strong, and together with our ongoing earnings power, we will have ample capital to support organic balance sheet growth and continue our stock buyback program and regular dividend practices, along with expansion through acquisition should opportunities arise.”
Both dividend payments will be payable December 17 to stockholders of record at the close of business on November 30, 2012. The dividend will not be payable on any shares to be issued pursuant to the 5% stock dividend also declared on this date.
About Commerce Bancshares, Inc.
Commerce Bancshares Inc. (NASDAQ: CBSH) is a $20.9 billion regional bank holding company. For more than 140 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a diversified line of financial services, including business and personal banking, wealth management, financial planning, and investments through its affiliated companies. Commerce operates in the Midwest, primarily in Missouri, Kansas, Illinois, Oklahoma and Colorado with more than 360 locations and also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate activities.