'America's Most Convenient Bank' Plans to Open 46 New Branches in 2003; Commerce Bank's Growth will Create Career Opportunities for 9,000 Employees over Next Five Years.Business Editors CHERRY HILL Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , N.J.--(BUSINESS WIRE)--March 20, 2003 Commerce Bancorp This article is about the bank headquartered in Cherry Hill, New Jersey. For other uses, see Commerce Bank. Commerce Bancorp (NYSE: CBH), doing business as Commerce Bank Inc. (NYSE NYSE See: New York Stock Exchange Symbol:CBH CBH cutaneous basophil hypersensitivity. ) today announced plans for another record-setting year of branch expansion. During 2003, Commerce will build 46 new branches, creating 1,800 new career positions in both the branches and support operations areas. Overall, Commerce plans to increase the total number of its prototype branches to 515 by 2007. In 2003, the Bank will move into Westchester Westchester is the name of some places in the United States of America:
 k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , Queens and Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. as part of an
overall metro New York New York, state, United StatesNew York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of expansion plan that will encompass 400+ branches, including 30+ throughout Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). . Commerce also will continue to implement its long-range long-range adj. 1. Of, suitable for, or reaching long distances: long-range missiles. 2. Requiring or involving an extended span of time: long-range planning. plan of building a network of 200+ branches that will serve the metro Philadelphia area. A Commerce Bank branch generally requires a staff of 20 full- and part-time employees; other new hires will include lending executives and operations personnel. Additionally, the continuing growth of Commerce Bank's subsidiaries Commerce Insurance Services and Commerce Capital Markets will create more career opportunities beyond traditional banking positions. Commerce now employs more than 8,000 people in New Jersey, Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , New York and Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). . Commerce's need for an additional 1,800 employees in 2003 is driven by the Bank's aggressive growth. Commerce expects to continue adding new personnel at that pace, hiring approximately 9,000 new employees during the next five years. "As other companies nationwide continue to eliminate jobs, Commerce is creating many career opportunities. We see ourselves as retailers, and we view our branches - and the branch employees who work with our customers - as the key element to our retail success," said Commerce Chairman and President Vernon W. Hill.
SITES UNDER DEVELOPMENT:
NEW YORK
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Manhattan Brooklyn Queens Nassau Co.
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Tribeca Avenue U Astoria-Ditmars East Meadow
14th & 5th Sheepshead Bay Astoria-Steinway Floral Park
42nd & 9th Caesars Bay Middle Village Hicksville
Kings Highway Auburndale Plainview
Merrick
Westchester Co. Staten Island
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White Plains New Springfield
NEW JERSEY counties
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Cumberland Ocean Monmouth Somerset
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East Vineland Brick/Beaverson Marlboro Bridgewater
Wall
Union Mercer Middlesex Morris
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Scotch Plains Princeton Edison/Oaktree Parsippany
Berkeley Heights Trenton Edison/Stony Road Hanover/Cedar
Knolls
Bergen Essex Passaic
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Paramus West Orange Pequannock
Bergenfield Livingston
Fairlawn/Glen Rock
PENNSYLVANIA counties
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Delaware Montgomery Philadelphia
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Havertown Hatboro Broad and Sansom Sts.
Upper Darby Horsham
Ridley Plymouth
DELAWARE counties
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New Castle
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Kirkwood &Limestone
To help support its expanding branch network, Commerce will open a new expanded 140,000-square-foot Customer Service Center located near Commerce University and the bank's existing Customer Service Center in Mount Laurel Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. , NJ. Commerce purchased the facility, which was owned and occupied by The Cendant Corporation, for approximately $16 million in late 2002. Commerce Bank's Call Center and Cash Management and Loan Processing Departments will be located in the new space. The facility will be re-designed to mirror Commerce's other Mount Laurel facilities. Commerce employees will move into the new space in stages during the second half of 2003. In addition to retail banking, Commerce offers a diverse portfolio of commercial banking services and stresses the vital importance of having local bankers making local loans. In every situation, Commerce's expert lenders work closely with customers to develop financing strategies that best meet their needs. Commerce also offers a full range of insurance services through its Commerce Insurance Services division and an array of public finance services through Commerce Capital Markets. Commerce Bank is the one of the nation's fastest-growing service retailers with more than $16 billion in assets and a network of 225 branches serving New Jersey, New York, Pennsylvania and Delaware. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com. |
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