Commerce Bancshares said it approved a 3-for-2 stock split last week in the form of a 50% stock dividend.

Commerce's board of directors said there would be a quarterly cash dividend of $0.2175 per share, an 11.4% jump over the previous dividend of $0.195 per share, adjusted for the 5% percent stock dividend paid on Dec. 12.

The $10.3 billion-asset bank said the dividend will be payable on March 30 to shareholders of record on March 9.

The Commerce Bancshares board also approved an additional purchase of up to 2,790,960 shares of company stock.

In combination with a prior repurchase agreement, this allows the bank to repurchase a total of three million shares.

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