Commerce Bancorp creates full-service insurance brokerage group.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)--July 31, 1996--Commerce Bancorp Wednesday Wednesday: see week. announced that it entered into agreements to purchase two of the major insurance brokerage firms in Southern New Jersey as part of its formation of Commerce National. It is being created to offer a full range of commercial, personal and employee benefit insurance brokerage services throughout Southern New Jersey and Metropolitan Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. . Vernon Vernon, city, Canada Vernon, city (1991 pop. 23,514), S British Columbia, Canada, near the north end of Okanagan Lake. The center of a fruit-growing and dairying area, it has packing and dehydrating plants. W. Hill II, chairman of Commerce and Joseph Buckelew, chairman of Buckelew & Associates, jointly announced an agreement for Commerce to acquire Buckelew & Associates, Toms River, N.J., a major insurance brokerage firm in New Jersey's most rapidly growing county, with total annual insurance premium volume in excess of $50 million. Separately, Vernon W. Hill II, chairman of Commerce and George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). E. Norcross III chairman of Keystone key·stone n. 1. Architecture The central wedge-shaped stone of an arch that locks its parts together. Also called headstone. 2. The central supporting element of a whole. National Companies, Cherry Hill, N.J., announced that Commerce had reached an agreement to acquire Keystone National Insurance, a major regional insurance brokerage firm specializing in sophisticated business insurance lines, with annual volume in excess of $25 million. The acquisitions will be completed by the issuance of common stock of 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 totaling approximately 550,000 shares. Vernon W. Hill II, chairman of Commerce, indicated that the acquisition will be accretive to the first full year of operation, 1997. Hill indicated, "We are indeed fortunate to be able to consolidate with two premier insurance agencies in Southern New Jersey and offer their full range of insurance products to our 250,000 households and businesses. We envision that this will be the first step in a wider expansion of our insurance services." Joseph Buckelew will be the chairman of the new firm and George E. Norcross III, president and chief executive officer. Commerce indicates that this is a first step in creating a major regional insurance firm providing a high level of customer service and convenience for which the Commerce Bank brand has become known. Subject to required governmental approvals and other conditions of the agreement, the consolidation will become effective in the fall of 1996. Commerce Bancorp is a major regional banking company headquartered in Cherry Hill, with assets in excess of $2.6 billion and 55 offices. CONTACT: Commerce Bank, Cherry Hill C. Edward Jordan Edward Jordan was typical of the violent but short-lived pirates of his time. An Irish rebel, in 1809, desperate to avoid debts, he slaughtered the crew of a merchant who came to seize his ship but was captured a few weeks later. Jr., executive VP, 609/751-9000 or David A. Flaherty, VP, 609/751-4069 |
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