Commerce Bancorp to Acquire J.A. Montgomery Inc., Delaware's Largest Insurance Brokerage.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 1, 1998--Commerce Bancorp Inc., (NYSE NYSE See: New York Stock Exchange Symbol: CBH CBH cutaneous basophil hypersensitivity. ) announced Wednesday that it has entered into an agreement to acquire J.A. Montgomery Inc., Delaware's largest insurance brokerage firm. J.A. Montgomery Inc. will add an important dimension to Commerce's growing portfolio of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. that will be introduced in Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). later this year when the Bank makes its debut in New Castle County. J.A. Montgomery Inc., founded in 1865, is Delaware's largest insurance brokerage firm, located in Wilmington, Del., providing a full range of commercial, personal and employee benefit insurance brokerage services for over 16,000 clients throughout the state of Delaware. The company, which reported 1997 premium volume of $70 million, will join Commerce National Insurance Services Inc., the region's largest insurance brokerage firm, combining the unparalleled market strength of J.A. Montgomery Inc. with the financial strength of Commerce National Insurance Services Inc. and 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 . J.A. Montgomery Inc. will continue to operate from its headquarters in Delaware led by Robert G. Hackett, president of J.A. Montgomery Inc. and all of the current staff of J.A. Montgomery Inc. The companies anticipate a dramatic expansion in the scope and services of J.A. Montgomery Inc. and Bob Hackett indicated that "the intense focus on customer service of both J.A. Montgomery Inc. and Commerce National Services Inc., together with the dramatic growth plans and financial strength of Commerce Bancorp, will allow J.A. Montgomery Inc. to offer an expanded range of insurance products to better serve our clients." Commerce National Insurance Services Inc., was founded in 1996 and is now one of the largest insurance brokerage firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the largest insurance brokerage firm in Metropolitan Philadelphia serving more that 40,000 clients in 25 states, with premium volume of $350 million. "The combination with J.A. Montgomery Inc. greatly enhances our ability to offer a single source for convenient banking, insurance and other services to our Delaware customers," noted Commerce Bancorp Chairman and President Vernon W. Hill, II. Commerce Bancorp recently announced the aggressive expansion of banking offices in the state of Delaware with the formation of Commerce Bank / Delaware which will open 15 offices state-wide beginning with the first two offices in New Castle County during 1998. Commerce Bancorp, headquartered in Cherry Hill, is the region's fastest growing independent regional banking company with assets of $4.3 billion and a network of 76 offices serving Eastern Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , New Jersey, and Delaware.
CONTACT: Commerce Bancorp Inc.
David Flaherty, 609/751-4069 or 609/778-3375 (fax)
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