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COMMERCE BANCORP ENHANCES NEW JERSEY FRANCHISE

 CHERRY HILL, N.J., March 19 /PRNewswire/ -- Commerce Bancorp, Inc. (NASDAQ: COBA) reported today that its lead bank subsidiary, Commerce Bank, N.A., has executed an agreement with Anchor Savings Bank FSB, a wholly owned subsidiary of Anchor Bancorp, Inc. (NASDAQ: ABKR), to acquire approximately $220 million of deposits and four branch offices.
 Vernon W. Hill II, chairman of the multi-bank holding company, stated, "The acquisition of these offices plays an integral role in our ongoing efforts to enhance franchise value. These locations fit well into our overall strategic plan for branch expansion in southern New Jersey. Two of the branches are in our headquarters city, Cherry Hill, raising our total there to six offices, enabling us to expand our service and convenience to this community. The remaining branches are in Bellmawr, Camden County, and Mantua, Gloucester County, and offer unique market expansion opportunities."
 The transaction, subject to regulatory approval, is expected to close on or about June 30, 1993. The acquisition is expected to have a positive effect on Commerce's 1993 and future earnings.
 The acquisition of Anchor deposits of approximately $220 million is expected to elevate Commerce Bancorp's assets to approximately $1.7 billion, making it the ninth largest commercial banking company in New Jersey. With the addition of the four Anchor offices, Commerce Bancorp will operate 35 branches serving southern New Jersey and metropolitan Philadelphia.
 /delval/
 -0- 3/19/93
 /CONTACT: Vernon W. Hill II, chairman and president, or C. Edward Jordan Jr., executive vp, of Commerce Bancorp, 609-751-9000/
 (COBA ABKR)


CO: Commerce Bancorp, Inc.; Commerce Bank, N.A.; Anchor Savings Bank
 FSB; Anchor Bancorp, Inc. ST: New Jersey, Pennsylvania IN: FIN SU: TNM


MK-LJ -- PH009 -- 7811 03/19/93 10:11 EST
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Publication:PR Newswire
Date:Mar 19, 1993
Words:286
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