Commerce Bancorp receives approval to acquire Independence Bancorp.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)--Jan. 13, 1997--Commerce Bancorp Inc. (NYSE NYSE See: New York Stock Exchange :CBH CBH cutaneous basophil hypersensitivity. ) announced Monday that it has received the approval of its shareholders and various regulatory agencies to complete the 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) headquartered in Ramsey, N.J. The acquisition will become effective on Jan. 21, 1997. 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 Inc. has $2.8 billion in assets and a network of 59 branches serving Metropolitan Philadelphia, Southern New Jersey and the shore area. Independence Bancorp Inc. has approximately $375 million in assets and eight branches located in Bergen and Passaic counties. "Independence Bancorp will be a valuable addition to the rapidly growing Commerce branch network," said Vernon W. Hill, chairman and president of Commerce Bancorp. "We will build on their solid foundation and continue the implementation of the unique retail strategy and relentless commitment to providing customers with unsurpassed quality service that Independence and Commerce have shared for a number of years." Commerce Bancorp's aggressive 1997 expansion plans call for the opening of 12 to 15 new branches including offices in Maywood, Westwood and Paramus. In addition, Commerce will unveil a variety of convenient new banking products and services for customers in North Jersey. Commerce will also offer a full range of investment and insurance services through its Commerce Capital and Commerce National Insurance Services divisions. The combined organization will have approximately $3.2 billion in assets, over $3 billion in deposits and 67 branch offices throughout New Jersey and Metropolitan Philadelphia. CONTACT: Commerce Bancorp, 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, or David A. Flaherty, VP/Marketing, 609/751-9000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion