---
schema_version: "secwatch.filing_event.v1"
accession: "0000022356-26-000125"
form_type: "8-K"
ticker: "CBSH"
cik: "0000022356"
company_name: "COMMERCE BANCSHARES INC /MO/"
filed_at: "2026-04-27T23:59:59+00:00"
generated_at: "2026-05-15T04:05:51.825574+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "medium"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000022356-26-000125
- form_type: 8-K
- ticker: CBSH
- cik: 0000022356
- company_name: COMMERCE BANCSHARES INC /MO/
- filed_at: 2026-04-27T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: medium
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/22356/000002235626000125/0000022356-26-000125-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/22356/000002235626000125/cbsh-20260427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000022356-26-000125
- JSON: https://secwatch.observer/filing/0000022356-26-000125.json
- Plain text: https://secwatch.observer/filing/0000022356-26-000125.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.