Commerce Bancorp
June 14, 2025 - 7:25 pm
Business Profile
Commerce Bancorp, Inc is a financial services company formed in 1973. The Company was incorporated in 1982. Commerce Bancorp is headquartered in New Jersey and has its common stock listed on the New York Stock Exchange under the ticker CBH. The Company has total assets of more than $45 billion. Commerce Bancorp serves clients spread across Metropolitan Philadelphia, New York, New Jersey, Connecticut, Washington, DC, Delaware, Virginia, Southeast Florida and Maryland.
The Company operates two chartered bank subsidiaries, Commerce Bank N.A., a nationally chartered bank and Commerce North, New Jersey State chartered bank.
The banking subsidiaries. These banks offer a comprehensive range of commercial and retail banking products and services to small as well as medium companies, and retail consumers. The traditional retail banking offering include checking accounts, money market accounts, savings programs, safe deposit, certificates of deposit, consumer loans including home loans, personal loans and vehicle loans, and free coin counting. The banks also provide permanent mortgages and construction loans.
The banks’ commercial banking offerings include checking accounts, money market accounts, night depository, certificates of deposit, working capital and other short term working capital loans, long term loans for capital needs and revolving credit facilities. The banks also finance business property construction and offers mortgage loans.
Commerce N.A. also provides corporate trust services and act as a paying agent and registrar, and bond trustee for municipal bonds.
The Company focuses on its retail operations and emphasizes on customer convenience by featuring standardized facilities, hours and services, and supporting it through aggressive marketing. It brands itself as “America’s Most Convenient Bank”. The Company offer convenience by operating nearly 450 convenient branch offices which are open through out the week as well as through CommerceOnline.com, its internet banking interface and other traditional banking channels such as Bank-By-Phone and ATMs. Commerce N.A. operates through 381 branches in New York, Philadelphia, southeastern Florida and Washington, D.C., while Commerce North operates through 47 branches Bergen, Hudson, Essex and New Jersey.
Commerce N.A. also operate a non-bank subsidiary, Commerce Capital Markets, Inc. and Commerce North operate another non-bank subsidiary, Commerce Banc Insurance Services, Inc.
Commerce Capital Markets. Commerce Bancorp offers financial advisory products and services including wealth management services through Commerce Capital Markets, Inc. It offers various investment management, securities, and brokerage activities. The business serves client in diverse sector including healthcare and education. Its primary area of operation is in Pennsylvania, New Jersey, Delaware, New York and Florida.
Commerce Banc Insurance. The Company operates its insurance business through Commerce Banc Insurance Services which was established in 1996 through the combination of various leading independent insurance agencies. The Company’s insurance operations have subsequently grown internally as well as through acquisition and generate more than $1 billion of annual premium. It offers various insurance products including commercial property, surety and casualty, and personal insurance. The business also offers employee benefit solutions including individual as well as group medical, disability, pension, life, and risk management products.
Commerce Banc Insurance provides its services in New Jersey, New York, Pennsylvania and Delaware.
The Company has witnessed strong growth in the last five years primarily owing to its retail strategy and focus on low cost core deposits. Commerce Bancorp’s assets, deposits and loans have grown 29%, 30% and 28%, respectively during the last five years. The Company had total assets of $45.3 billion, total deposits of $41.3 and total loans of $15.6 billion as of December 31, 2006. The Company’s total revenues and net income grew 23% and 21%, respectively, during the same period. Commerce N.A. had total deposits of $37.1 billion, total assets of $41.1 billion, and shareholders’ equity of $2.4 billion as of December 2006. Commerce North had total deposits of $4.3 billion, total assets of $4.7 billion, and shareholders’ equity of $308.9 million during the same period. The Company and its subsidiaries employ more than 11,800 people.
The Company plans to build its brand by strengthening its branch offices to about 800 and targets total assets of $104 billion by 2011. The Company opened 55 new branches in 2006 and 47 in 2005. Apart from its existing market the Company has started building its presence in the Washington-Baltimore and Southeast Florida market. The Company also plans to enter the Boston market.
The Company also carries our selective acquisition to increase its presence. Commerce N.A. acquired Palm Beach County Bank, a privately held bank with 7 branches in December 2005. Commerce Banc Insurance also acquired eMoney Advisor, a web enabled financial and wealth planning solutions provider in February, 2006.
The Company also offers asset management service including sell, purchase and hold investments for clients through NA Asset Management, a fully-owned subsidiary of Commerce N.A. and North Asset Management, a fully-owned subsidiary of Commerce North.
Commerce Mortgage Acceptance Corporation is another fully-owned subsidiary of Commerce N.A. which offers residential mortgage loans securitization.
The Company offers business leasing products and services through Commerce Commercial Leasing LLC, a fuly-owned subsidiary of Commerce N.A.
