COMMERCE BANCORP COMPLETES SALE OF ADDITIONAL SECURITIES
COMMERCE BANCORP COMPLETES SALE OF ADDITIONAL SECURITIES CHERRY HILL, N.J., July 15 /PRNewswire/ -- Commerce Bancorp, Inc.
(NASDAQ: COBA) announced today that it had successfully completed the sale of the full underwriters' overallotment option of 225,000 shares of common stock in connection with its Registration Statement for the sale of 1,725,000 shares of common stock (including the overallotment option) which was declared effective on June 18, 1992.
Commerce had previously completed the sale of 1.5 million shares of common stock in the latter part of the second quarter of this year. The proceeds from the sale of all shares of common stock will be used to raise capital for general corporate purposes including providing additional equity capital to its banking subsidiaries to support their future growth and for possible future acquisitions. With the additional sale of 225,000 shares of common stock, Commerce's shareholders' equity as a percentage of total assets at June 30, 1992, would be 6.06 percent and the company's risk-based capital ratios, Tier 1 and total capital would be approximately 9.90 percent and 11.17 percent, respectively, both above regulatory minimum requirements. The managing underwriters were Wheat First Butcher & Singer Capital Markets, Legg Mason Wood Walker, Incorporated (books) and Foley Mufson Howe & Company. Commerce Bancorp is a multi-bank holding company headquartered in Cherry Hill, with 31 banking offices serving metropolitan Philadelphia and southern New Jersey. /delval/ -0- 7/15/92 /CONTACT: Vernon W. Hill II, chairman and president, or C. Edward Jordan Jr., executive vp, of Commerce Bancorp, 609-751-9000/ (COBA) CO: Commerce Bancorp, Inc. ST: New Jersey IN: FIN SU:
JS-CC -- PH012 -- 9478 07/15/92 10:56 EDT
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|Date:||Jul 15, 1992|
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