CommerceBancorp: The Newport Beach-based parent company of...

CommerceBancorp: The Newport Beach-based parent company of CommerceBank said its net income for 1989 reached a record $3.6 million, 41% higher than the $2.5 million posted in 1988. Fourth-quarter net income rose 15%, to $942,000 from $818,000 for the fourth quarter of 1988. Assets at the end of 1989 stood at $254.4 million, a 10% increase from the $231.6 million reported in 1988.