BUSINESS MEMO: UNION PLANTERS EARNINGS

Union Planters Corp. reported net earnings for the third quarter of $17.5 million, down from the $98.3 million during the same period of 1997. Fully diluted earnings per common share for the quarter were 13 cents, down the 76 cents a share during the same quarter a year ago.

Earnings for third quarter were significantly impacted by previously disclosed merger-related charges attributed to the acquisitions.

Union Planters announced the completion of 12 acquisitions in the third quarter, increasing total assets by about $13 billion, to $30.5 billion.

Acquisitions completed include Magna Group Inc., headquartered in St. Louis ($7.7 billion) and Peoples First Corp., Paducah, Ky., ($1.4 billion), along with other acquisitions in Indiana, Texas, Illinois, Iowa and Florida.

Net earnings for the nine months ended Sept. 30, were $188.1 million, or $1.41 per diluted common share. This compares with $278.7 million, or $2.18 per diluted common share for the same period in 1997.

Union Planters, headquartered at Memphis, is a multi-state bank holding company with 801 banking facilities in seven states and Cape Girardeau.