BUSINESS MEMO: UNION PLANTERS EARNINGS

Union Planters Corp. reported record first-quarter net earnings of $74.6 million, up from the $66.4 million during the same period of 1997. Fully diluted earnings per common share for the quarter were 86 cents, up from the 68 cents a share during the same quarter a year ago.

Net interest income for the quarter increased $190.7 million, about the same as last year. Non-interest income increased 15 percent for the quarter, to $95.7 million, compared to $83 million a year ago.

Union Planers ended the quarter with assets of $18.4 billion, loans of $12.7 billion and deposits of $13.6 billion.

Union Planters, headquartered at Memphis, Tenn., is a multi-state bank holding company with 37 banking subsidiaries and 518 banking facilities in eight states, including Cape Girardeau.

Union Planters is a party to definitive agreements to acquire 11 financial institutions, including Magna Group Inc., headquartered in St. Louis, and Peoples First Corp. in Paducah, Ky. The transactions, in aggregate, will increase Union Planters' assets about $12.6 billion to more than $30 billion.