Commonwealth Bank increased its net first quarter earnings by some 20.8%, representing an improvement over its 2000 comparative period of $4.8 million. The bank’s asset based increased by $33 million for the first three months of 2001, bringing total assets to over $607 million.

Steady growth during the second quarter is anticipated, as Commonwealth expands its mortgage portfolio, with development plans during the third quarter expected to include automatic banking machines in all branches, offering customers a 24-hour service.