Commerce Bank Expands Commercial Real Estate Lending Team.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. 3, 1998-- Former CoreStates Senior V.P. Fred "Mac" McConnell To Focus On Expanding Markets 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. (NYSE NYSE See: New York Stock Exchange :Symbol CBH CBH cutaneous basophil hypersensitivity. ) announced today that it is intensifying its long-time focus on commercial real estate lending with the addition of Senior Vice President Fred "Mac" McConnell to the Bank's Lending Group. Prior to joining Commerce, McConnell served as a Senior Vice President and Senior Credit Officer in the Real Estate and Construction Division at CoreStates Bank. "Since Commerce was founded 25 years ago, we have always specialized in meeting the financing needs of the region's real estate developers and we expect our ambitious expansion plans in New Jersey, Pennsylvania and Delaware to spark a dramatic increase in our commercial real estate activities in the months ahead," emphasized Commerce Executive Vice President of Lending Robert Falese. "With that in mind, Mac McConnell, who has25 years of extensive real estate lendingexperience, will definitely be an important addition to our staff." McConnell will concentrate on serving the needs of real estate investors/developers in Pennsylvania, Delaware and central New Jersey, which is a critical element in Commerce Bank's aggressive growth strategy. He will join Senior Vice President Philip Fox Philip Fox (March 7, 1878–July 21, 1944) was an American astronomer and an officer in the U.S. Army. He was the first director of the Adler Planetarium in Chicago, the first planetarium in the western hemisphere. Fox was born and raised in Manhattan, Kansas. who will continue to oversee the ongoing expansion of Commerce's commercial real estate lending activities in southern New Jersey, a core market for the Bank. Over the past two and a half years, Commerce Bank's commercial real estate loans have increased by over 43 percent. In addition, Commerce Bank is the region's leader in the financing of residential tract development. Currently, the bank is involved with nearly 90 residential projects throughout the Greater Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. . Commerce Bancorp is the region's fastest growing independent 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. company with assets of $4.5 billion and a network of 77 branches serving New Jersey and Eastern Pennsylvania. During the course of 1998, Commerce plans to open 18 to 20 new branches throughout the region including its first office in Delaware.
CONTACT: Commerce Bank
David A. Flaherty, VP/Marketing, 609/751-9000
Fax: 609/778-3375
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