Commerce Bank's Free Change Counting Machines Ease Region's Coin Shortage.

Business Editors

CHERRY HILL, N.J.--(BUSINESS WIRE)--Aug. 21, 2000

Commerce Bancorp (NYSE Symbol: CBH) and its customers are helping to provide a local solution to the coin shortage that is hitting the east coast. As a result of the increasing popularity of Commerce Bank's free Penny Arcade coin counting machines, the bank's inventory of coins is growing steadily.

At a time when many banks refuse to accept customers' coins, nearly 35,000 customers throughout New Jersey, eastern Pennsylvania, and northern Delaware took advantage of the free Penny Arcade machines throughout July. In all Commerce counted $3.3 million worth of coins during July.

Once the coins collected through the Penny Arcade machines are counted, they are placed in the bank's inventory and redistributed to Commerce branches and business customers that are in need of them. Due to the increasing amount of change that is counted each month, Commerce has also recently aided other local banks that are feeling the impact of the coin shortage.

Commerce unveiled the Penny Arcade machines in May of 1999 as a way of providing customers with another convenient service. During the first six months of 2000, the Penny Arcades counted nearly $14.3 million in change, which was poured into the machines by over 180,000 customers.

The Penny Arcades are simple to use and located next to the teller counter at Commerce branches. Customers simply pour their loose change into the machine's coin tray and push the start button. In seconds, they receive a receipt that can be exchanged for cash, or the funds can be deposited directly into a Commerce account.

The new Penny Arcades are free of charge, unlike coin counting machines found in area grocery stores that charge a usage fee of up to nearly nine percent to count change. Commerce is the only bank in New Jersey, Pennsylvania and Delaware that provides customers with access to free, self-service coin counting machines.

Commerce's Penny Arcades are the latest addition to the bank's growing portfolio of popular services, which include seven-day branch banking, free checking with only a $100 minimum balance and one of the nation's most successful Internet banking sites.

"The Penny Arcades expand our unique `America's Most Convenient Bank' strategy," said Commerce Chairman and President Vernon W Hill. "Unlike most banks, we view Commerce as a retail business and we are constantly looking for new ways to enhance our customers' retail experience. The tremendous response to the Penny Arcade machines is definitely helping us accomplish that goal."

Commerce Bank is the region's fastest-growing independent bank with $7.5 billion in assets and a network of nearly 140 branches. Commerce is maintaining an aggressive expansion pace, working toward a total asset goal of $16 billion and a branch network of 270 offices by the year 2004. So far this year, Commerce has opened 18 new branches and will open 14 additional branches before the end of 2000. For additional information regarding Commerce, visit the bank's on-line interactive financial services center at www.commerceonline.com.

For more information contact: David A. Flaherty - Vice President Of Corporate Communications - [phone].