Commerce commits $120+ million in 1995 to loans in Southern New Jersey.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)--Dec. 15, 1994--Vernon W. Hill II chairman and president of Commerce Bank N.A., an affiliate of 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 :COBA COBA College Of Business Administration COBA Commerzbank AG COBA Cost Benefit Analysis (software) COBA Collective Of Black Artists COBA Coordination of Benefits Agreement COBA Central Oregon Builders Association ), announced Thursday Thursday: see week. a substantially increased commitment to both business loan growth and community development in the five Southern New Jersey counties of Burlington Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Camden, Gloucester Gloucester, city, England Gloucester (glŏs`tər, glô`stər), city (1991 pop. 106,526) and district, Gloucestershire, W central England, on the Severn River. , Atlantic and Cape May Cape May, city (1990 pop. 4,668), Cape May co., S N.J., on Cape May peninsula and the Atlantic Ocean; settled in the 1600s, inc. 1857. One of the nation's oldest beach resorts, it became known in the mid-19th cent. . Commerce, long the leading small business lender in Southern New Jersey announced the following 1995 credit commitments: -0-
o $100 million in middle market and small business loans including
real estate loans and commercial loans throughout Southern New
Jersey.
o A minimum of $10 million in loans supported by the New Jersey
Economic Development Authority.
o $10 million in small business loans guaranteed by the Small
Business Administration.
-0- In addition to its ongoing and strengthened commitment to small business lending in Southern New Jersey, Commerce intends to expand its already strong commitment to specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. lending to low and moderate income areas including: -0-
o $10 million during 1995 in affordable residential mortgage loans to
low and moderate income residents of Southern New Jersey with
loan-to-value ratios of up to 95%.
o A commitment of $5 million to provide project financing for
creditworthy, non-profit community development corporations engaged
in the development of affordable housing in Southern New Jersey.
o A direct investment in affordable housing development including a
$400,000 investment in the Delaware Valley Community Reinvestment
Fund and the New Jersey Community Loan Fund, both earmarked to
support affordable housing development in low and moderate income
areas within the City of Camden.
o Participation in the New Jersey Community Lending Program, a small
business lending program developed in partnership with the New
Jersey Economic Development Authority and the Federal Home Loan
Bank.
o Expanded participation in the economic revitalization of the City
of Camden including the sponsorship of a mortgage and credit
counseling service established by New Jersey Citizens Action
and the placement of a $100,000 interest free deposit in the Camden
Community Credit Union which will expand credit opportunities for
the residents of the City of Camden.
-0- The commitment of Commerce Bank to expand credit availability to the low and moderate income areas of Southern New Jersey is led by Melvin (Randy The name Randy generally derives from the names Randall or Randolph (meaning wolf with a shield). Randy is used as a given name primarily in the US and Canada. Men known as Randy
Vernon W. Hill II chairman and president of Commerce commented, "Commerce Bank has been built on serving the banking and credit needs of the consumers and businesses of Southern New Jersey, and our expanded commitment in 1995 reflects the dynamic economic conditions of Southern New Jersey and the leadership position of Commerce Bancorp." Commerce Bancorp is a $2.3 billion financial institution headquartered in Cherry Hill, N.J., with 44 offices located in Metropolitan Philadelphia, including 35 offices in Burlington, Camden, Gloucester, Atlantic and Cape May counties. CONTACT: Commerce Bancorp, Cherry Hill John J. Cunningham Jr., 609/751-9000 |
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