Commerce Bancorp Raises Cash Dividend 11% and Declares a 5% Stock Dividend.

Business Editors/Banking Writers

CHERRY HILL, N.J.--(BUSINESS WIRE)--Dec. 22, 1999

Commerce Bancorp, Inc. (NYSE Symbol: CBH) declared a 11% increase in its annual cash dividend rate from $.88 per share to $.98 per share of common stock, it was announced today by Vernon W. Hill, II, Chairman of the multi-bank holding company based here. Said Hill, "we want our shareholders to share in the Company=s significant earnings progress made in 1999.

The increase also reflects our confidence in earnings prospects for 2000. The quarterly dividend of $.245 is payable January 21, 2000 to shareholders of record January 7, 2000.

Additionally, the Company announced the declaration of a 5% stock dividend on the Company=s common stock outstanding. The dividend is also payable January 21, 2000, to shareholders of record January 7, 2000. The cash dividend noted is not payable on the new common shares created by the 5% stock dividend.

Commerce Bancorp, Inc. is a $6.4 billion multi-bank holding company headquartered in Cherry Hill, New Jersey with 120 banking offices.

Its six banking subsidiaries are Commerce Bank, N.A., Cherry Hill, New Jersey, Commerce Bank/Pennsylvania, N.A., Philadelphia, Pennsylvania, Commerce Bank/Shore, N.A., Toms River, New Jersey, and Commerce Bank/North, Ramsey, New Jersey, Commerce Bank/Central, Flemington, New Jersey, and Commerce Bank/Delaware, Wilmington, Delaware.