Commerce Bancorp Reaffirms Earnings Guidance.

Business Editors

CHERRY HILL, N.J.--(BUSINESS WIRE)--Sept. 19, 2001

Commerce Bancorp, Inc. (NYSE Symbol:CBH) Chairman and Chief Executive Officer, Vernon W. Hill, II, today reaffirmed earnings per share guidance for the third and fourth quarters of 2001 and the years 2001 and 2002.

Said Mr. Hill, "the First Call consensus earnings per share projections are $.77 for the third quarter and $.78 for the fourth quarter of this year. Based upon our continued strong growth and profitability, we expect to meet or exceed the First Call projections for the third and fourth quarters of 2001. Meeting these consensus projections will result in the Company posting 20% earnings per share growth for the third and fourth quarters of this year.

"Furthermore, the First Call consensus earnings per share projections for 2001 is $2.98 per share, which is up 20% over the $2.49 per share recorded in 2000. Preliminary First Call consensus earnings per share projections for 2002 is $3.43 per share. The Company expresses comfort in meeting or exceeding these projections."

Mr. Hill continued, "our unique retail approach to banking continues to produce record results. We recently surpassed the $10 billion asset milestone and deposits exceed $9.3 billion. Both of these growth targets have been achieved substantially ahead of our original projections. We continue to rapidly grow low-cost core deposits with our cost of funds now just over 2.0%."

In light of last week's tragic events in Manhattan and Washington, D.C., the Company has completed an extensive review of its loan portfolios and has concluded that there is no material effect on these portfolios.

Along with growing deposits, Commerce continues to implement one of the banking industry's most aggressive expansion plans. During the course of 2001, Commerce will open approximately 35 new branches throughout New Jersey, eastern Pennsylvania, Delaware and Manhattan. By the end of the third quarter, the Company will have opened 17 offices this year.

On Friday, September 21, 2001, Commerce will open its first two branches in Manhattan. The branches are located at:

-- Midtown - 55th Street and Sixth Avenue

-- Upper West Side - 94th Street and Broadway

Following the debut of its first two branches, Commerce will open two more Manhattan branches in early December at:

-- Upper East Side - 64th and Third Avenue

-- Chelsea - 26th and Seventh Avenue

Over the next five years, Commerce plans to open 30+ offices throughout Manhattan as part of a large scale metro-New York expansion strategy that will include 400+ branches.

Commerce Bancorp is the nation's fastest-growing financial services retailer with more than $10.3 billion in assets and a rapidly expanding network of more than 170 branches. Commerce is maintaining an aggressive expansion pace, advancing toward a goal of $25 billion in assets and a branch network of 375 offices by the year 2005.

For more information about Commerce, please visit the Company's interactive financial resource center at commerceonline.com.

Forward-Looking Statements

The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Company's control). The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System (the "FRB"); inflation; interest rates, market and monetary fluctuations; the timely development of competitive new products and services by the Company and the acceptance of such products and services by customers; the willingness of customers to substitute competitors' products and services for the Company's products and services and vice versa; the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes; future acquisitions; the expense savings and revenue enhancements from acquisitions being less than expected; the growth and profitability of the Company's non-interest or fee income being less than expected; unanticipated regulatory or judicial proceedings; changes in consumer spending and saving habits; and the success of the Company at managing the risks involved in the foregoing.

The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.