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COMMERCE BANCORP RAISES CASH DIVIDEND TO $.50 AND DECLARES 5 PERCENT STOCK DIVIDEND

 CHERRY HILL, N.J., Jan. 20 /PRNewswire/ -- Commerce Bancorp, Inc. (NASDAQ: COBA) declared an 11 percent increase in its annual cash dividend rate from $.45 per share to $.50 per share of common stock, it was announced today by Vernon W. Hill II, chairman of the multi-bank holding company based here.
 Said Hill, "This increase reflects the significant earnings progress made by the company in 1992 and signifies our confidence in continued earnings improvement for 1993." The quarterly dividend of $.125 is payable Feb. 19, 1993, to shareholders of record Feb. 5.
 Additionally, the company announced that its board of directors had declared a 5 percent stock dividend on the company's common stock outstanding. The dividend is also payable Feb. 19, 1993, to shareholders of record Feb. 5. The cash dividend noted above is not payable on the new common shares created by the 5 percent stock dividend.
 Following the payment of the stock dividend, each share of the company's Series B Cumulative Convertible Preferred Stock will be convertible into 1.3401 shares of common stock.
 Commerce Bancorp, Inc. is a $1.4 billion multi-bank holding company headquartered in Cherry Hill, with 31 banking offices. Its three banking subsidiaries are Commerce Bank, N.A., Cherry Hill; Commerce Bank/Pennsylvania, N.A., Philadelphia; and Commerce Bank/Shore, Forked River, N.J.
 /delval/
 -0- 1/20/93
 /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: DIV

CC-LJ -- PH018 -- 6946 01/20/93 13:46 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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