David Swoyer Joins Commerce Bank; Former First Union Senior Executive To Head Middle Market Lending In New Jersey.Business Editors 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)--Feb. 14, 2001 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. (NYSE NYSE See: New York Stock Exchange :CBH CBH cutaneous basophil hypersensitivity. ) announced today that David Swoyer, former Executive Vice President of CoreStates Bank and most recently Managing Director of First Union Bank's Capital Markets Department in Philadelphia, has joined Commerce as Senior Vice President of Middle Market and 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 in New Jersey. Swoyer, a resident of Haddon Heights, New Jersey Haddon Heights is a Borough in Camden County, New Jersey, United States. As of the United States 2000 Census, the borough population was 7,547. Haddon Heights was incorporated as a borough by an Act of the New Jersey Legislature on March 2, 1904, from portions of the , will be responsible for directing a team of lenders that specializes in meeting the financing needs of both established and emerging middle market businesses. In addition, Swoyer will work to expand Commerce Bank's health care and asset-based lending Asset-Based Lending A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets. Also known as "commercial finance" or "asset-based financing". activities throughout New Jersey. "New Jersey continues to be a vitally important market for Commerce, and the addition of David Swoyer to our executive team will be an ideal complement to our ambitious 2001 growth plans," said Commerce Chairman and President Vernon W. Hill. "With nearly 20 years of New Jersey banking experience, David has a comprehensive understanding of the financial needs of the state's growing number of middle market businesses." During his tenure with CoreStates, Swoyer was responsible for both specialized lending and middle market lending activities. "David's experience is an excellent match with the ongoing development of Commerce Bank's specialized lending areas. His particular expertise in asset-based lending, health care lending and middle market lending in New Jersey and Pennsylvania will contribute to the continuing growth of our lending activities throughout the region," said Commerce Executive Vice President and Senior Lending Officer Robert D. Falese. Former CoreStates Vice Chairman Charles P. Connolly Jr., who also served as President of First Union Bank's Pennsylvania / Delaware region, noted, "I have known David Swoyer since he joined The Philadelphia National Bank 20 years ago. He was clearly one of our rising young stars and embodies the delivery of true relationship banking in all respects. David has a keen focus on customer service. I wish him every success." During the course of the coming year, Commerce plans to open more than 30 new branches throughout New Jersey, eastern Pennsylvania, and Delaware. In addition, Commerce will be hiring an additional 1,500 employees to help support the Bank's explosive growth. In keeping with its retail-based, customer service-intensive strategy, Commerce plans to double the total number of its prototype branches from 150 to 325 and increase its total assets from $8.3 billion to $20 billion by the year 2005. Commerce Bank is New Jersey's largest locally headquartered bank and the region's fastest-growing independent financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. retailer. The Commerce branch network serves New Jersey, eastern Pennsylvania and Delaware. For additional information contact David A. Flaherty - Vice President Of Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. - 856/751-4069. |
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