Commerce Bancorp
From Wikipedia, the free encyclopedia
| Commerce Bancorp | |
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| Type of Company | Public (NYSE:CBH) |
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| Founded | Marlton, NJ (1973) |
| Headquarters |  Cherry Hill, New Jersey Main Corporate Campus Mount Laurel, New Jersey |
| Key people | Vernon Hill, Founder & CEO, Linda Verba, Dennis Deflorio |
| Industry | Finance and Insurance |
| Products | Banking |
| Revenue | $1.60 billion USD ( $204M FY 2005) |
| Employees | approx 13,000 |
| Slogan | America's Most Convenient Bank |
| Website | www.commerceonline.com |
Commerce Bancorp (NYSE: CBH) is a Cherry Hill, New Jersey based bank holding company that offers banking, insurance, brokerage, and investment banking services in New Jersey, Pennsylvania, Delaware, New York, Connecticut, Virginia, Washington, D.C., Florida, and Maryland .Commerce Bancorp stock is traded under the New York Stock Exchange ticker symbol CBH.
Founded in 1973 by Wharton School graduate and fast-food restaurant franchise owner Vernon Hill, Hill sought to bring fast food convenience to banking and has rapidly expanded Commerce from one location to over 400 in 33 years.
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[edit] Legal Matters
[1] In 2004, Two Commerce Bank executives were found guilty in their role in the Philadelphia City Hall Corruption Trial. Commerce Bank has also paid a $600,000 NASD fine for violating Municipal Bond underwriting guidelines. [2] Commerce Bank has since stopped funding its PAC.
[edit] The Commerce Business Model
Commerce Bank prides itself on its exceptional customer service. Commerce feels that they are retailers and not bankers, and attempt to win customers over to their unique brand of banking. They even go so far as to call their various locations stores, and not branches.
Features that Commerce offers its customers include:
- 7 day lobby or drive-thru hours, even in Center City Philadelphia and Manhattan.
- No fees for bank statement and other common requests
- Instant creation of ATM cards on the spot at time of account opening
- Free "Penny Arcade" coin counting machines for both customers and non-customers
- Lollipops and dog biscuits at the drive-thru
- Foreign ATM fee reimbursement
Commerce Bank's business model has generated what some call a cult following in the geographic areas where they currently have branches. Commerce offers its customers mechandising giveaways such as coffee mugs, pens and pencils.
When Commerce recently bought a bank in Florida, vacationing Commerce customers stopped into bank branches to speak to the employees and welcome them to the Commerce family.
[edit] Availability of Funds
Commerce Bank is one of the leading banks in funds availability for deposited checks. Any deposit made before 6 PM will be available the next day. Deposits made after six will be available in the next day, including weekends. Starting early 2007, the deposit time will be extended to 8 PM.
[edit] WOW! Awards
Every year since 1998 Commerce Bank has had an employee appreciation event called the WOW! Awards. This years WOW! Awards were at Radio City Music Hall for the third time (2006, 2005, 2003). Past venues have been: Boardwalk Hall in Atlantic City 2004, E-Center now the Tweeter Center at the Waterfront in Camden, NJ in 2003 and 2002.
[edit] Mascots
As with many companies, Commerce Bank has an official Mascot: Mr.C. Mr.C is the Commerce Bank logo, a red c, with black arms and legs. He always has a huge smile and large bushy eyebrows. Buzz Bee is also a mascot for the bank. However, Buzz is used primarily as an internal mascot for the WOW! members.
[edit] Commerce Bank Harrisburg
Since 1985, Commerce Bank has had an independent franchise in the Harrisburg region. Pennsylvania Commerce Bancorp, Inc. [3] has 29 stores in Berks, Cumberland, Dauphin, Lancaster, Lebanon and York counties. The headquarters for Commerce Bank Harrisburg is in Swatara Township, just outside Harrisburg.
[edit] Commerce Bank Confusion
Commerce Bancorp. should not be confused with Commerce National Bank, a $3 billion business bank headquartered in Columbus, Ohio. Commerce National Bank is the 3rd largest bank bearing the name Commerce behind Commerce Bancorp and Kansas City-based Commerce Bank.
[edit] External links
| Commercial banks in the United States |  |
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| Philadelphia-based Corporations (Within the Delaware Valley) |
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| Philadelphia-based Fortune 500 Corporations (by size): Sunoco | Comcast | CIGNA | Aramark | Rohm and Haas Company | Crown Holdings Incorporated | Lincoln National Corporation |
| Philadelphia-based Fortune 1000 Corporations (by size): Companies listed above, plus Sovereign Bancorp | Pep Boys | FMC Corporation |
| Delaware Valley-based Fortune 1000 Corporations (by size): Companies listed above, plus AmerisourceBergen | DuPont Company | Campbell Soup | Toll Brothers | Unisys | Jones Apparel Group | UGI Corporation | Ikon Office Solutions | Universal Health Services | SunGard Data Systems | Teleflex | Airgas | Vishay Intertechnology | Charming Shoppes | Commerce Bancorp | Hercules Inc. | Genesis HealthCare | Ametek |
| Philadelphia-based and Delaware Valley-based non-public or externally owned corporations (by size): GlaxoSmithKline (US Operations) | Burlington Coat Factory | Forman Mills |
