BUSINESS MEMO: RECORD BANK EARNINGS

Commerce Bancshares Inc. announced record earnings of $109.7 million for first nine months of 1998, ending Sept. 30, an increase of 14 percent, compared to the $976 million during the same period in 1997. Per-share earnings were $1.85, up 14 percent from the $1.62 of last year. The return on assets for the quarter was 1.42 percent, and the return on equity was of 14.9 percent.

For the third quarter -- July, August and September, earnings amounted to $37.7 million, an increase of 10 percent from the $34.2 million during the same period in 1997. Per share earnings for the three-month period increased 10 percent 64 cents.

Total assets Sept. 30, 1998 were $10.6 billion, totals loans were $6.8 billion land total deposits were $8.8 billion.

Commerce, headquartered at Kansas City, has announced definitive agreements to acquire Columbus, Kan. State Bank ($84 million assets); Fidelity State Bank, Garden City, Kans. ($176 million assets); and, Heritage Bank, Olathe, Kan. ($52 million assets). These transactions are expected to close before year-end.

Commerce Bancshares is a registered bank holding company operating at 290 sites in Illinois, Kansas and Missouri, including Cape Girardeau.