Commerce Insurance Services Ranked among Top 30 US Insurance Brokers.

Business Editors/Insurance Writers

CHERRY HILL, N.J.--(BUSINESS WIRE)--Aug. 25, 2003

Commerce Insurance Services (CIS), a wholly owned subsidiary of Commerce Bancorp, Inc. (NYSE Symbol:CBH) has announced that the publication Business Insurance has ranked Commerce among the Top 30 largest insurance brokers in the United States. Additionally, the publication ranked Commerce as the sixth largest bank-owned insurance brokerage in America.

Ranked 28th among the largest U.S. insurance brokers, CIS also is the metro Philadelphia region's largest locally headquartered insurance brokerage. CIS posted a 14% increase in total revenues for 2002. The firm's total revenues for 2003 are up 22% on a year-to-date basis.

"Commerce Insurance Services' success has been sparked by our ability to adapt quickly and effectively to the ever changing insurance environment and then utilize our expertise to identify and address the varied needs of our customers," said CIS Chairman and CEO George Norcross. "The intense commitment to delivering unsurpassed service that we share with Commerce Bank is another key factor that has helped us move to the forefront of the nation's insurance field."

Strong internal growth and a series of carefully planned acquisitions have fueled CIS' success since its inception in 1996. CIS, with an annual premium volume of $700 million and a network of 14 offices, provides a complete range of commercial, employee benefit and personal insurance coverage to more than 130,000 clients in more than 25 states. In recent years, CIS also has expanded its focus to include developing specialty insurance practices to serve clients whose needs extend beyond more traditional commercial insurance coverage, including in the fields of education, life science and biotechnology research, among others.

"To be ranked among the Top 30 largest insurance brokerages in the United States after only seven years in the market truly is a testament to Commerce's commitment to providing quality insurance products and unparalleled service and convenience," said CIS President and Chief Operating Officer Edward Kiessling.

Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services dedicated to providing unparalleled customer service. Commerce pioneered the concept of seven-day branch banking and has a network of nearly 250 convenient stores in New Jersey, New York, Pennsylvania and Delaware. In 2003, the bank plans to add 46 new locations and will create 1,800-plus career opportunities throughout its territory.

Commerce Bank currently has assets of $20 billion and, in second quarter 2003, achieved a deposit increase of 44% and earnings per share growth of 29%. 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 has been recognized for its leadership with awards that include Business Week's "50 Top Performing Companies of the S&P 500," Philadelphia magazine's "Great Places to Work," "Best In Remote Banking" by Microbanker and "50 Best of the Best" for Service by Fast Company, among others. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com.