Commerce Bank Announces Expansion Plans; Expects to Hire Many New Employees.Business Editors CAMP HILL, Pa.--(BUSINESS WIRE)--Jan. 28, 2003 Pennsylvania 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. (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 :COBH), one of the region's fastest-growing 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. retailers, announced ambitious expansion plans today. Commerce Bank/Harrisburg plans to open five new stores in 2003 - three sites in Dauphin Dauphin, town, Canada Dauphin (dô`fĭn), town (1991 pop. 8,453), SW Man., Canada, on the Vermilion River. It is the retail and distribution center for an agricultural, lumbering, and fishing area. County and two in the Reading area of Berks County. With four existing stores in Dauphin County, Commerce will open new offices at: -- Swatara Township - Union Deposit Road, in front of the Union Square Shopping Center -- Swatara Township - Derry Street at East Park Drive -- Susquehanna Township - Progress Avenue at Kohn Road Berks County will be a new market for Commerce Bank/Harrisburg, and the projected five-year plan Five-Year Plan, Soviet economic practice of planning to augment agricultural and industrial output by designated quotas for a limited period of usually five years. includes a total of ten stores in the region. In addition to the five new store openings in 2003, Commerce Bank's growth plan includes expanded office space at the existing Loan Production Office in Lemoyne for Loan Support, and a new Loan Administration Office currently is being designed for the York region. Commerce is planning a new store in downtown York during the last quarter of 2003 or the first quarter of 2004. Commerce Bank currently has five stores serving the York County York County may refer to one of several counties:
Commerce also announced that it plans to expand its workforce from 470 employees to approximately 600 employees at the end of 2003. Commerce continues to focus on strengthening its management team and increasing the depth in every department, including executive, lending, marketing, compliance, facilities, retail delivery and finance. Commerce's growth plan also will require additional front line managers, retail service representatives and tellers to enhance the delivery of its products and services, and to ensure that the customer experiences exceptional service with each and every visit or transaction. Commerce continues to grow financially and physically, as many banks have experienced mergers, acquisitions and closings. Commerce recently announced record earnings and increased deposits, assets and loans for the fourth quarter 2002 and the year ending December 21, 2002. Commerce reported year-end total assets of $787 million, up 29 percent from year-end 2001. Commerce is working toward a total asset goal of $2 billion and a branch network of 38 stores by 2006. Additional 2002 year-end highlights include: -- Deposits increased 29% or $165 million, to $727 million. -- Loans increased 8% to $364 million, up from $338 million a year ago. -- Revenues grew 24% to $35.4 million -- Net Income increased 28% in 2002 over 2001. -- Earnings Per Share rose 22% for 2002 to $2.61 on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. In addition to internal growth and network expansion, Commerce constantly is seeking ways to offer the best possible retail experience by offering greater convenience and satisfaction. Commerce is refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar its website technology to provide state of the art upgrades to its online banking system. Micro Banker has rated Commerce Bank's program among the best 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. . By using the Commerce Bank interactive financial resource center at commercepc.com, customers can enjoy the FREE Online Bill Paying service to pay monthly bills from the convenience of their office or home computer, 24/7. Commerce Bank's other convenient products and services include: -- Free Personal Checking -- Free 50 Plus Account Checking - an account specifically designed to meet the needs of Senior customers -- Free Business Checking for the first year -- Free VISA ATM/Check Card -- Free Penny Arcade Noun 1. penny arcade - an arcade with coin-operated devices for entertainment arcade - a covered passageway with shops and stalls on either side coin counting machines For more information about Commerce Bank, visit the company's interactive financial resource center at commercepc.com, or contact Deborah Farver, Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Manager at 717-612-3512. |
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