Archive for Thursday, October 22, 1998

MERCANTILE REPORTS HIGHER EARNINGS

October 22, 1998

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Mercantile Bancorporation Inc. reported higher third-quarter earnings, which it said reflected growth in revenues from fee-based businesses and improved efficiency.

The St. Louis-based bank holding company said Wednesday that net income was $110.5 million, or 71 cents per share, during the three months ended Sept. 30. That was up 4.4 percent from last year's net income of $103.3 million, or 68 cents per share. The figures exclude non-recurring items in both periods.

Mercantile is the largest banking company in the Lawrence area, where it employs about 140 people at seven locations.

The company said credit quality remained a core strength, and that the company has "immaterial foreign exposure and no direct exposure to hedge funds."

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