Commerce Bancorp to Acquire Tinton Falls State Bank.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)--Aug. 13, 1998--Commerce Bancorp, Inc. (NYSE NYSE See: New York Stock Exchange :Symbol CBH CBH cutaneous basophil hypersensitivity. ) announced today an agreement to acquire Tinton Falls State Bank through the acquisition of its parent company, Community First Banking Company (OTCBB OTCBB See OTC Bulletin Board (OTCBB). Symbol:CFST). Tinton Falls State Bank, headquartered in Tinton Falls, N.J., is a $190 million asset community bank serving Monmouth County, N.J. through seven branches. Commerce, headquartered in Cherry Hill, N.J., is a $4.6 billion asset regional banking company with a branch network of 79 offices serving New Jersey and 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 . Tinton Falls State Bank will become the foundation for the Monmouth region 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 , which announced an aggressive 15-branch expansion program for Monmouth County earlier this year. The first new Commerce branch in the county is under construction on Route 34 and South Atlantic Avenue The following streets in the United States are named Atlantic Avenue:
The acquisition price will be $28 for each share of Community First common stock (subject to certain collars) payable in Commerce Bancorp common stock, with a total transaction value of approximately $60 million. Commerce expects the transaction to be accretive in 1999, its first year. Commerce Chairman and President Vernon W. Hill, II said, "From its inception in 1989, Tinton Falls State Bank has done an outstanding job of providing quality community banking throughout Monmouth County. The combination of Tinton Falls State Bank's local presence and the unique retail model of 'America's Most Convenient Bank' will provide the dynamic basis for dramatic expansion throughout Monmouth County and the state of New Jersey." Tinton Falls State Bank Chairman Gerald F. Murphy emphasized, "By combining with the regional strength of Commerce Bank and its unique model, the present management staff of Tinton Falls State Bank will be able to offer an even broader scope 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. to the businesses and residents of Monmouth County. We are excited to be part of this dynamic, growing organization." Along with an intense focus on branch expansion, Commerce has grown to become "America's Most Convenient Bank" by championing a "whatever it takes" approach to meeting customers' needs. The Bank's hallmark hallmark, mark impressed on silverwork or goldwork to signify official approval of the standard of purity of the metal, also called plate mark. The hallmark was introduced by statute in England in 1300 and enforced by the Goldsmiths' Hall, London. products and services include: -- Seven-day branch banking -- Free personal checking -- Commerce On-Line, America's best on-line banking system -- Yes 2000, a full service 24-hour bank-by-phone system -- Commerce Check Card, a combination MAC card and Visa debit   The old Visa and Delta logos. card. Commerce also offers a full range of insurance services through its Commerce National Insurance Services division and an array of investment products and services through Commerce Capital Markets Inc. The combined company will greatly accelerate its growth in Monmouth County. There are no plans to eliminate any employees as a result of the merger. To support its rapid expansion, Commerce announced plans earlier this year to create over 3,000 new career opportunities throughout New Jersey, eastern Pennsylvania and northern Delaware over the next five years. Tinton Falls State Bank President Barry B. Davall noted, "Our merger with Commerce will provide an excellent opportunity for our employees to become part of a unique retail banking organization that is rapidly expanding throughout the region." With the completion of the acquisition, Commerce expects to end 1998 with total assets of $5 billion and 95 branches.
CONTACT: Commerce Bank
David A. Flaherty, VP/Marketing, 609/751-9000
Fax: 609/778-3375
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