Commerce Bancorp Receives Approval from Federal Reserve to Complete Acquisition of A.H. Williams.

CHERRY HILL, N.J.--(BUSINESS WIRE)--March 24, 1998--Commerce Bancorp Inc. (NYSE Symbol: CBH) announced Tuesday it has received approval, effective immediately, to complete the acquisition of A.H. Williams & Co. Inc., a major public finance and financial advisory firm headquartered in Philadelphia.

A.H. Williams specializes in government, non-profit, education and health care financing throughout the Mid-Atlantic region and provides structured public financing services for clients across the United States.

Commerce Bancorp will combine A.H. Williams with Commerce Capital, its existing public finance underwriting division and New Jersey's number one public finance underwriter in 1997, to create Commerce Capital Markets Inc.

The new subsidiary will be the Mid-Atlantic region's preeminent public finance firm with the capabilities to provide investment banking, financial advisory and securities distribution services for both regional and national clients. Commerce Capital Markets will be headquartered in Philadelphia and have additional offices in:

-- Cherry Hill, N.J.

-- Ramsey, N.J.

-- Pittsburgh

-- Boston

-- San Francisco

The new Commerce Capital Markets will be led by a combined management team including:

-- Vincent J. Stafford - Chief Executive Officer

-- Denis J. Carlson - Director of National Public Finance

-- David B. Thompson - Director of Regional Public Finance

-- Allison F. Fleitas - Short Term Trading and Underwriting Manager

-- Edward D. Trexler III - Managing Director/Institutional Sales

-- William L. Widerman - Managing Director/Syndication

Commerce Bancorp Inc. is a multi-bank holding company headquartered in Cherry Hill, with $4 billion in assets and 76 branches serving New Jersey and Pennsylvania.

CONTACT: Commerce Bancorp

David A. Flaherty, 609/751-9000, fax: [phone]