Commerce Bank Surpasses $500 Million in Commercial Loans; Commercial real estate loans exceed $300 million; Business loans break $200 million.EAST PENNSBORO TOWNSHIP, Pa. -- Commerce Bank/Harrisburg, NA, the sole banking subsidiary of 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), today announced that the bank has surpassed $500 million in total commercial loans. "As we grow, we are finding that organizations are increasingly interested in our unique service model and how we can meet their lending needs," said Commerce Bank Chief Lending Officer Rory Ritrievi. "In response, we continue to bolster our lending team and we've added specialty areas including middle-market and healthcare financing. With a combination of seasoned lending experts and efficient local decision-making, we are now the leading commercial lender Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
Midway through the year, total commercial loans (including commercial real estate loans) were up 19 percent, to $503 million, from $423 million a year earlier. Commercial loans were $205 million. Commercial real estate loans totaled $298 million. Total loans (net) were up 21 percent, to $714 million, from $588 million a year ago. Commerce's commercial lending services include term loans, commercial mortgages, commercial leasing and lines of credit. Specialty areas include: --Middle-market lending - serving companies with annual revenues of $5 million to $200 million --Real estate lending - financing for property acquisition, development, construction and sale --Healthcare financing - serving acute care hospitals; long-term care facilities long-term care facility n. See skilled nursing facility. , including assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. and skilled nursing; outpatient and inpatient clinics, and physician practices In addition to commercial lending, Commerce's hallmark products and services include seven-day branch banking, totally free checking, no-fee instant-issue ATM/Visa check card, free interactive 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, free online banking and 24/7 Bank-by-Phone. Commerce Bank/Harrisburg, "America's Most Convenient Bank," opened its first office in Camp Hill, PA, in June of 1985. In the 20 years since, the bank has cultivated a unique retail model that has produced continuous strong growth. The bank has doubled its number of branches in Pennsylvania in recent years, growing a network of 27 stores in Berks, Cumberland, 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. , Lebanon and York counties York County may refer to one of several counties:
Commerce Bank/Harrisburg currently has assets of $1.4 billion. For more information about Commerce Bank/Harrisburg, visit the bank's web site at commercepc.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning future events. Actual results could differ materially due to the following risks and uncertainties -- deteriorating economic conditions; increased competition; interest rate movements; market volatility in the securities markets; legislative or regulatory developments; merger-related synergies, savings and integration issues; technological changes; and other risks and uncertainties discussed in the company's reports filed from time to time with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on these statements. The Company undertakes no obligation to publicly release or update any of these statements. |
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