First Commerce Announces First Quarter Earnings.

NEW ORLEANS--(BUSINESS WIRE)--April 16, 1998--First Commerce Corporation (NASDAQ - FCOM) announced today that its net income for the first quarter was $30.8 million, or $.75 per diluted share. Diluted earnings per share were $.73 in last year's first quarter and $.79 in the fourth quarter of 1997.

Key items from 1998's first quarter:

-- Net interest income (FTE) was $97.4 million in the first quarter,

$96.4 million in the fourth quarter of 1997 and $97.6 million in

1997's first quarter. Continued loan growth was the leading

contributor to the increase in net interest income from the

fourth quarter, while l securitization shifted net interest income on loans

contributed to the improvement, while the cost of funds remained

the same. The decrease from 4.70% in last year's first quarter

was principally due to the securitization in 1997's third

quarter.

-- Tota

charge-offs of managed credit card loans were $10.6 million, or

4.58% of average loans, in the first quarter, compared to $10.7

million, or 4.77% of average loans, in the fourth quarter and

$9.0 million, or 4.40%, in last year's first quarter. The

provision for loan losses was $9.5 million for the first quarter,

compared to $8.6 million in the fourth quarter of 1997 and $13.2

million in 1997's first quarter.

-- Noninterest income was $47.7 million in the first quarter, $50.3

million for the fourth quarter of 1997 and $43.6 million in

1997's first quarter. The comparison between the first and fourth

quarters is impacted by seasonal influences, which generally lead

to peak levels of credit card and deposit fees in the fourth

quarter and lower levels in the first quarter. The credit card

securitization in the third quarter of 1997 affects a comparison

of both first growth, with the

most significant increases in credit card and trust fee income.

The lower level first quarter,

compared with $88.8 million and incentive pay contributed to the increase

between the first quarters of 1997 and 1998.

Average managed loans totaled $6.7 billion in the first quarter, 9% higher than 1997's first quarter and 2% higher than last quarter. The largest increases were in credit card loanslion at March 31, 1998, and deposits were $7.7 r approvals by shareholders and regulators are received. -0-

             FIRST COMMERCE CORPORATION AND SUBSIDIARIES
                         FINANCIAL HIGHLIGHTS

                                                 First       First
                                                Quarter     Quarter
(dollars in thousands, except per share data)     1998         1997
INCOME DATA
  Net interest income                         $   95,426  $   95,833
  Net interest income (tax equivalent)        $   97,430  $   97,592
  Provision for loan losses                   $    9,510  $   13,225
  Other income (exclusive of
   investment securities transactions)        $   47,711  $   43,545
  Investment securities transactions          $       23  $       23
  Operating expense                           $   88,105  $   82,842
  Net income                                  $   30,760  $   29,020

AVERAGE BALANCE SHEET DATA
Loans - reported                              $6,444,805  $6,206,007
Loans - managed(a)                            $6,744,805  $6,206,007
Securities                                    $2,106,250  $2,137,468
Earning assets                                $8,732,211  $8,400,237
Total assets                                  $9,444,932  $9,082,650
Deposits                                      $7,717,055  $7,372,870
Long-term debt                                $  387,564  $  257,275
Stockholders' equity                          $  838,086  $  723,937

PER COMMON SHARE DATA
 Net income - diluted                         $      .75  $      .73
 Net income - basic                           $      .78  $      .75
 Book value (end of period)                   $    21.80  $    18.58
 Closing stock price                          $    85.75  $    40.50
 Cash dividends                               $      .40  $      .40

RATIOS
 Net income as a percent of:
   Average assets                                   1.32%       1.30%
   Average total equity                            14.88%      16.26%
 Net interest income (tax equivalent)
  as a percent of average earning assets            4.51%       4.70%
 Average loans as a percent of average deposits    83.51%      84.17%
 Operating expense less other income (excluding
  investment securities transactions) as a
  percent of average earning assets                 1.88%       1.90%
 Operating expense as a percent of total revenue
  (tax equivalent and excluding investment
   securities transactions)                        60.70%      58.70%
 Other income (excluding investment securities
  transactions) as a percent of total revenue      32.87%      30.85%
 Allowance for loan losses as a percent of
  loans, at end of period                           1.26%       1.31%
 Nonperforming assets as a percent of loans
  plus foreclosed assets, at end of period           .57%        .59%
 Stockholders' equity as a percent of total
  assets, at end of period                          9.10%       7.79%
 Leverage ratio at end of period                    8.65%       7.70%

     (a) Managed portfolio represents the owned loan portfolio plus
the securitized credit card receivables.

CONTACT: First Commerce Corporation, New Orleans

Michael A. Flick, 504/623-1492

or

Holly E. Hobson, 504/623-2917