Kansas City, MO - July 15, 2021 -Commerce Bank announced today further expansion of its Claims Payment Team with the addition of Ed Fowler, senior account executive, Gerald Letourneau, senior account executive, and Jeff Schultz, regional account manager.

Led by Roger Williams, senior vice president - director in Commercial Payments, the team will be tasked with supporting Commerce Bank as it continues expanding its claims payment segment through securing trusted business relationships and long-term partnerships in the property and casualty insurance industry. Fowler, Letourneau and Schultz will provide support for customers through the deployment of Commerce Payments™ cutting-edge solutions, offering stability and quality service to improve customers' experience, increase associate engagement and refine loss adjustment expenses (LAE).

Commerce has reinvented the claims payment experience, establishing a way to provide single and multi-party electronic claims payments while giving insureds faster access to their funds. Customers, claimants and service providers are offered multiple claims payment options including ACH, check, or direct-to-debit card via Visa Direct.

Ed Fowler joins the team from Progressive Insurance, where he spent more than 35 years. His early experience at Progressive included stints in information technology, customer service management, product development, competitive analysis, and human resources. He spent the last 16 years in the Finance and Treasury organization with a focus on innovating claims payment processes.

Jerry Letourneau joins the Claims Payment team from the Commerce Dealer Services team, where he spent the past five years as Dealer Services Relationship Manager. Prior to joining Commerce, Letourneau spent 30 years in the Dealer Services and Finance market, including time with GMAC/Ally, GM Financial and Wells Fargo. Letourneau will focus on working with other financial servicing and bank organizations to use the combined Commerce/Copart tools for loan payoffs on total-loss automobiles.

Jeff Schultz, Vice President, Regional Relationship Manager brings over 20 years of Property and Casualty claims and operations leadership to the Commerce team. He is experienced in leading both large claims organizations as well as niche companies, leveraging his skills in process improvement and innovation to help optimize efficiency and expand capabilities. An industry veteran, prior to Commerce, Schultz held executive positions at a financial services company and top Property and Casualty insurance carriers. He will be responsible for supporting Commerce Bank's Claims Payments section client relationships. Schultz brings extensive industry experience that aligns with Commerce's Claims Payments strategy of innovation, growth and superior service offerings.

'Having recently welcomed Gary Goldsmith to the claims payment team, the addition of these three highly skilled executives provides our customers with a deep bench of insurance industry experience. We are thrilled to have their expertise to better serve our customers,' said Williams. 'Their demonstrated history of partnering with insurance claims organizations to provide the highest level of customer service is a natural extension of our team and will provide added benefit to our customers.'

About Commerce Bank

With $33.3 billion in assets¹, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line. Learn more at www.commercebank.com.

1. As of March 31, 2021

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