Commerce Bancshares tenders 411,723 Visa Class B-2 shares; expects significant gain in Q2 2026

COMMERCE BANCSHARES INC /MO/

Tendered all 411,723 Visa Class B-2 shares held at zero value in Visa's exchange offer.
If accepted in Q2 2026, expects significant gain based on Class C conversion privilege and Visa Class A price.
May also reposition AFS debt securities portfolio, potentially incurring a significant loss in Q2 2026.
Timing and amount of any loss depend on market conditions and the Visa gain recognized.

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