Commerce Bank Elects Joseph J. Plumeri, Chairman and CEO of Willis Group Holdings Limited, to Board of Directors.

Business Editors

CHERRY HILL, N.J.--(BUSINESS WIRE)--Nov. 19, 2003

Commerce Bancorp, Inc. (NYSE:CBH) announced today that Joseph Plumeri, a distinguished expert in the commercial insurance and banking fields, has been elected to its Board of Directors.

Plumeri is the Chairman and CEO of Willis Group Holdings Limited, one of the world's largest insurance brokerages with 13,000 employees operating in more than 300 locations in 74 countries. He was named to Willis' top executive position in 2000 and promptly instituted a series of strategic initiatives that revitalized and re-focused the company, a 175 year-old pioneer in the commercial brokerage field.

"I am pleased to be joining the board of 'America's Most Convenient Bank.' Commerce is one of the nation's most dynamic financial services companies, and I am looking forward to being part of the bank's exciting future," said Plumeri.

In 2001, Plumeri led the effort to take Willis public and trades shares on the New York Stock Exchange (NYSE:WSH). During that same year, Willis was recognized for one of the best performing IPOs listed on the NYSE.

Prior to joining Willis, Plumeri had a notable career as a senior executive with Citigroup and its predecessor companies for more than 30 years. One of his most significant accomplishments involved the integration of the consumer businesses at Citicorp and Travelers Group, during which time he served as the CEO of Citibank North America, which included Citbank's retail branches and Citigroup Investment Services. In one year, he improved the unit's overall financial performance and was instrumental in boosting earnings to $415 million, up nearly 400% from $108 million the prior year.

Plumeri's responsibilities at Citicorp, following the merger that created Citigroup, were in addition to his role as Chairman and CEO of Travelers Primerica Financial Services, a direct sales company of more than 150,000 independent agents, which he assumed in 1995. Earlier, he was Vice Chairman of the Travelers Group.

"We are pleased to have an outstanding financial services expert such as Joe Plumeri join Commerce Bank's Board of Directors. His independent viewpoints will be an important asset for Commerce as we continue to evolve into a nationally recognized financial institution," said Commerce Chairman and President Vernon W. Hill.

Along with leading Willis, Plumeri's directorships and corporate board responsibilities include:

-- Board of Visitors of The College of William and Mary 

-- The United Negro College Fund 

-- The National Center on Addiction and Substance Abuse 

-- The New Jersey Sports & Exposition Authority

He also is a member of the Board of Trustees for the American Institute for Chartered Property Casualty Underwriters.

In addition, Plumeri is the co-owner of the Trenton Thunder and Lakewood Blue Claws baseball teams. Plumeri is a New Jersey native and resident.

About Commerce Bank

Commerce Bank, "America's Most Convenient Bank(R)," based in Cherry Hill, New Jersey, is a leading retailer of financial services with 270 convenient stores in New Jersey, New York, Pennsylvania and Delaware. During 2003, the Bank has opened 46 new locations and has created 1,800-plus career opportunities throughout its territory. Maintaining an aggressive expansion pace, Commerce Bank is working toward a total asset goal of $50 billion and a store network of 500-plus offices by 2007. Commerce Bank currently has more than $21 billion in assets and, in third quarter 2003, achieved a deposit increase of 41% and earnings per share growth of 26%. In March 2003, The Wall Street Journal reported that Commerce Bank achieved the highest annual compounded shareholder return among all banks and ranked 25th among 1,000 public companies with the highest 10-year compounded shareholder return. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com.