Commerce Bank Goes Back to School; Bank Partners with Area Schools to Teach Personal Finance.

Business Editors

CHERRY HILL, N.J.--(BUSINESS WIRE)--Sept. 19, 2000

At a time when the savings rate in America is at its lowest point since 1959 and when, according to a national survey released this past spring, high school seniors "know alarmingly little about personal-finance issues," Commerce Bank (NYSE Symbol: CBH) is heading back to school to educate youth about personal finance.

During the 2000 - 2001 school year, Commerce Bank plans to conduct its unique SuperSavers banking education program for students throughout New Jersey, eastern Pennsylvania and northern Delaware. Based on the popularity of the program in the past, Commerce expects to reach approximately 5,000 students in some 70 schools in the region this school year.

According to Lewis Mandell, dean of financial management at the University of Buffalo, high school seniors polled on their financial knowledge in May showed a drop in scores from the first survey conducted in 1997. Mandell, a researcher for the Jump Start Coalition, an advocate of financial education for elementary and high school students, also stressed that the key to teaching students the ins and outs of personal finance is to go beyond textbooks.

With Mandell's findings in mind, a team of 120 specially trained Commerce employees will fan out across the region to teach kids "fiscal fitness" and to explain that saving money is the first and most important step towards sound future financial management. Some of the program's key points are:

-- How to budget

-- How to prioritize "wants vs. needs"

-- Why saving money is crucial

-- How saving generates interest and how interest earns money

In addition to classroom sessions, Commerce stages its own mock game show, "Dollar Dare," which allows students the opportunity to answer questions designed to test their savings knowledge. If they are unsure of the answer, they can "take the dare," and participate in special games, such as The Deposit Dilemma, Penny Power, and Shop Till You Drop.

Based on the success of the Bank's elementary school programs, Commerce has expanded its financial education services to include high school banking education.

The high school program includes classroom presentations emphasizing checking account management and reconciliation. Some other key points of the program include:

-- Brief introduction to the purposes of financial institutions

-- Detailed descriptions of features/benefits of products and

services appropriate for high school/college-bound students

-- The role of technology in today's banking environment.

Commerce also sponsors Bank Days at area high schools, which introduce high school students to career opportunities in banking and in financial services, including part-time and full-time employment possibilities for high school and college-bound students, plus specific long-term careers after college or training.

In addition, College Financing Workshops help students and their families prepare for financing a college education. An education consultant and college financial aid officer conduct the program at Commerce University, the Bank's training center.

Commerce Bank is the region's fastest-growing independent financial services retailer, with $7.5 billion in assets and a network of 140 branches serving New Jersey, eastern Pennsylvania, and northern Delaware. The Bank plans to open 30 new branches during 2000.

For more information on any of Commerce Bank's financial education programs, contact John D. Zoccola, public relations specialist, at 888/751-9000, ext. 7977.