Commerce Bancorp raises cash dividend 14% and declares a 5% stock dividend.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)--Dec. 19, 1996--Commerce Bancorp Inc. (NYSE NYSE See: New York Stock Exchange :CBH CBH cutaneous basophil hypersensitivity. ) declared a 14% increase in its annual cash dividend rate from 70 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. to 80 cents per share of common stock, it was announced Thursday by Vernon W. Hill II, chairman of the multi-bank holding company based here. Said Hill, "This increase reflects the company's continued earnings progress made in 1996 and shows our confidence in earnings prospects for 1997 which includes our recently consummated and pending acquisitions." The quarterly dividend of 20 cents is payable Jan. 21, 1997 to shareholders of record Jan. 8, 1997. Additionally, the company announced the declaration of a 5% stock dividend on the company's common stock outstanding. The dividend is also payable Jan. 21, 1997, to shareholders of record Jan. 8, 1997. The cash dividend noted above is not payable on the new common shares created by the 5% stock dividend. Commerce Bancorp Inc. is a $2.8 billion multi-bank holding company headquartered in Cherry Hill with 59 banking offices. Its three banking subsidiaries are Commerce Bank, N.A., Cherry Hill, Commerce Bank/Pennsylvania, N.A., Philadelphia, and Commerce Bank/Shore, N.A., Forked See forked version. forked - (Unix; probably after "fucked") Terminally slow, or dead. Originated when one system was slowed to a snail's pace by an inadvertent fork bomb. River, N.J. The company's pending acquisition of Independence Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IBNJ) a $375 million asset bank headquartered in Ramsey, N.J., is expected to be consummated in the first quarter of 1997. CONTACT: Commerce Bancorp, Cherry Hill Vernon W. Hill II, chairman/president, 609/751-9000 C. Edward Jordan Jr., executive VP, 609/751-9000 |
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