BUSINESS MEMO: RECORD EARNINGS

Commerce Bancshares Inc. announced record earnings of $38.7 million for the first quarter, ending March 31, an increase of 12 percent from the $34.5 million during the same period in 1997. Per-share earnings were 62 cents, up 11 percent from the 56 cents of last year. The return on assets for the quarter was 1.40 percent, and the return on equity was 15.2 percent.

Commerce Bancshares, with assets of $11.1 billion, is a registered bank holding company operating at 300 sites in Missouri, Illinois and Kansas. The company has total loans of $6.9 billion and total deposits of $9.3 billion.