Commerce Bancorp
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Commerce Bancorp is a Cherry Hill, New Jersey based bank holding company that offers banking, insurance, brokerage, and investment banking services in New Jersey, Pennsylvania, New York, Delaware, and Connecticut. Commerce Bancorp stock is traded under the New York Stock Exchange ticker symbol CBH.
Founded in 1973 by fast-food restaurant franchise owner Vernon Hill. Hill sought to bring fast food convience to banking and has rapidly expanded Commerce from one location to over 300 in 30 years solely through organic growth.
Commerce Bank, NA, the primary subsidiary of Commerce Bancorp, along with Commerce National Insurance and Commerce Capital Markets, have received many no-bid contracts from government agencies in New Jersey and Pennsylvania. Recently, Commerce Pennsylvania President Glenn Holck and Commerce Regional Vice President Stephen Umbrel have been charged with corruption, bribery and fraud for giving loans and favors to officials in Philadelphia Mayor John Street's office.
George Norcross III, the chairman and CEO of Commerce National Insurance and a director for Commerce Bancorp, is a major Democratic Party fundraiser and is viewed by many as the boss of the Democratic political machine that runs Camden County, New Jersey. Donald DiFrancesco, a former Republican Acting Governor of New Jersey, serves on Commerce Bancorp's board of directors. DiFrancesco was forced to withdraw from the 2001 gubernatorial race over corruption allegations.
Commerce announced on June 13th that it would no longer deal with government bonds due to the controversey surrounding the Mayor Street scandal.
External links
- Commerceonline.com (http://www.commerceonline.com/)
Articles
- Commerce political connections (http://www.southjerseynews.com/issues/april/m043003c.htm)