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COMMERCIAL BANCORP REPORTS RECORD THIRD QUARTER EARNINGS

 SALEM, Ore., Oct. 15 /PRNewswire/ -- Commercial Bancorp (NASDAQ: CBOR) today reported record third quarter, 1993, earnings of $937,000, up 31 percent from the $717,000 earned in the third quarter of 1992. Earnings per share were 39 cents for the period, 27 percent higher than the 31 cents per share in 1992 adjusted for the 5 percent stock dividend paid Aug. 13, 1992, and for the two for one stock split effective Jan. 25, 1993.
 "We are pleased to again report record quarterly earnings," said President and Chief Executive Officer R. B. Tibbatts, "particularly in that 1992 was such a strong year for the company. Return on average assets was 1.43 percent and return on average equity was 16.23 percent. The primary capital-to-asset leverage ratio was a strong 9.75 percent at quarter end," said Tibbatts.
 Earnings for the first nine months of $2,809,000 were 30 percent ahead of the $2,157,000 earned in the same period in 1992. Return on average assets was 1.52 percent for the period, and return on equity was 16.97 percent.
 Commercial Bancorp is the holding company for Commercial Bank and Valley Commercial Bank. Commercial Bank had assets of $247 million at Sept. 30, 1993 and employed 200 people in 12 offices in Salem, Keizer, Silverton, Monmouth, Molalla, Newberg and Wilsonville. Valley Commercial Bank had assets of $15 million at Sept. 30, 1993, and employed eight people in two offices in Forest Grove and North Plains. On Oct. 2, 1993, Valley Commercial opened a new branch in Hillsboro.
 COMMERCIAL BANCORP
 CONSOLIDATED FINANCIAL SUMMARY (Unaudited)
 SELECTED FINANCIAL DATA (In thousands of dollars)
 Three months ended Sept. 30, 1993 1992 Pct. change
 Net income $ 937 $ 717 30.68 pct.
 Return on average assets 1.43 pct. 1.21 pct. 18.33 pct.
 Return on average equity 16.23 pct. 14.12 pct. 14.97 pct.
 Net interest margin (tax
 equivalent) 6.54 pct. 5.90 pct. 10.78 pct.
 Per share:
 Earnings(A) $ 0.39 $ 0.31 27.30 pct.
 Book value(A) 9.75 8.99 8.42 pct.
 Balance sheet summary as of
 Sept. 30, 1993 1992 Pct. change
 Loans, net of unearned income $146,478 $140,910 3.95 pct.
 Investment securities 80,071 63,849 25.41 pct.
 Total assets 262,896 232,303 13.17 pct.
 Deposits 237,202 209,841 13.04 pct.
 Shareholders' equity 23,273 20,443 13.84 pct.
 Primary capital-to-asset ratio 8.85 pct. 8.80 pct. 0.60 pct.
 Reserve to total loans 1.66 pct. 1.41 pct. 17.41 pct.
 Non-accruing loans to total loans 1.02 pct. 1.25 pct. -18.20 pct.
 For the nine months ended
 Sept. 30, 1993(A) 1992(A) Pct. change
 Net income $ 2,809 $ 2,157 30.23 pct.
 Return on average assets 1.52 pct. 1.24 pct. 22.23 pct.
 Return on average equity 16.97 pct. 14.67 pct. 15.71 pct.
 Earnings per share(A) $ 1.18 $ 0.91 30.19 pct.
 Net interest margin (tax
 equivalent) 6.61 pct. 6.55 pct. 0.84 pct.
 (A) Adjusted for the 5 percent stock dividend effective Aug. 13, 1992, and retroactively for the two for one stock split effective Jan. 25, 1993.
 -0- 10/15/93
 /CONTACT: R. B. Tibbatts, president and chief executive officer, of Commercial Bancorp, 503-399-2946/
 (CBOR)


CO: Commerical Bancorp ST: Oregon IN: FIN SU: ERN

JH-RB -- SE009 -- 2853 10/15/93 15:22 EDT
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Date:Oct 15, 1993
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