Commerce Bank Forms International Trade Department.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. 5, 1998--Commerce Bancorp (NYSE NYSE See: New York Stock Exchange Symbol: CBH CBH cutaneous basophil hypersensitivity. ) has created a new International Trade Department to focus on the needs of the growing number of companies throughout the greater Philadelphia region that are doing business in the global marketplace. The Bank has also launched a Foreign Exchange Trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the operation within the International Department. This group will be managed by Charles Daley, who has over 25 years of foreign exchange trading experience. Daley was recently with CoreStates Bank, where he served since 1995 as a Senior Vice President and Managing Director of Foreign Exchange. He was responsible for Global Trading and managed CoreStates' foreign exchange trading operations in Philadelphia, London and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . Joining Daley will be Robert McEntee, a Vice President with CoreStates Foreign Exchange. McEntee has been a foreign exchange trader for over 18 years with CoreStates, First Fidelity and PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress banks. The newInternational Trade Department has the resources to provide customers with operational support, advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and financing all designed to help them compete effectively in the international business arena. In addition, in keeping with its emphasis on providing convenient quality service, the Bank has created a variety of specific services that will help facilitate the international activities of local businesses including: - Locally Processed Letters Of Credit - Unlike many banks in the region, Commerce processes import and export letters of credit locally and guarantees they will be issued within 24 hours of receiving a firm*s approved application. In addition, the Bank is developing an Internet letter of credit capability that will enable customers to request commercial letters of credit Commercial letters of credit Trade-related agreement that a certain amount of bank funds is available to an entity. right from their own office. - Foreign Currency Exchange Commerce now has the ability to sell or purchase foreign currencies at competitive and advantageous rates. - International Consulting Services The Bank's international experts can provide customers with a variety of information on the most advantageous methods of over seas payments, up-to-the minute economic conditions in key markets around the world and guidance on ways to expand their international business presence. Commerce's International Trade Department is headed by Vice President James Carlin car·line or car·lin n. Scots A woman, especially an old one. [Middle English kerling, from Old Norse, from karl, man.] , a veteran of over 30 years in international banking who served as the Regional Vice President in charge of Trade Finance in Pennsylvania and southern New Jersey for United Jersey Bank. Earlier, Carlin was Senior Vice President and Manager of International Correspondent Banking Correspondent banking is an account that is established by a domestic banking institution on behalf of a foreign bank for the purpose of handling various financial transactions related to the foreign bank. Correspondent banking allows foreign banks to conduct business in the U.S. and Trade Finance at First Fidelity Bank (now First Union). In addition, Angela E. Ratchford, formerly the Vice President for Global Trade Services, at CoreStates Bank has joined Commerce's International Trade Department as Vice President of Trade Finance. "We recognize that the needs of our business customers are changing rapidly and it is our responsibility to help them capitalize on the tremendous opportunities stemming from the globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation of the business world," said Commerce Chairman and President Vernon W. Hill. "This latest expansion of our services is one more example of how Commerce has the ability to combine personalized, locally-based banking services with the expertise and broad ranging resources once thought to be the products of only much larger financial institutions," Hill added. Commerce Bancorp, headquartered in Cherry Hill, New Jersey, is the region's fastest growing independent banking company with assets of $4.5 billion and a network of 77 branch offices serving eastern Pennsylvania, New Jersey and Delaware.
CONTACT: Commerce Bank
David A. Flaherty, VP/Marketing, 609/751-9000
Fax: 609/778-3375
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