Donald P. Campbell to Head Commerce Bank's Leasing Business

Business Wire, May 29, 2001

Business Editors

CHERRY HILL, N.J.--(BUSINESS WIRE)--May 29, 2001

Commerce Bancorp, Inc. (NYSE Symbol: CBH) announced today that Donald P. Campbell has joined Commerce Bank to head the company's growing leasing business.

Campbell, former CEO of De Lage Landen/Tokai Financial Services, will serve as President of Commerce's leasing operation. Campbell assumed the position of CEO of Tokai - a leading vendor/leasing firm - in 1993, where he rapidly expanded the company, increased sales and started three new businesses.

He continued as the CEO of De Lage Landen when it acquired Tokai in 1998. Campbell led De Lage Landen to its highest profits in history, while maintaining its client base and key personnel during and after the acquisition.

Prior to joining Tokai Financial Services, Campbell started Fidelity Bank's equipment leasing company and helped grow the company's assets to $450 million within five years. With more than 30 years in middle market leasing, Campbell brings a wealth of experience to Commerce Bank.

In addition, he is a member of the Board of Directors and serves on the Executive Committee of the Equipment Leasing Association, which encompasses some 900 leasing companies across the country.

"The expansion of our leasing business reflects our continuing commitment to providing our customers with one convenient source for all of their commercial financing needs," said Commerce Chief Lending Officer Robert D. Falese.

"Our leasing services are the perfect addition to our diverse portfolio of financial services and will enable us to better serve the growing number of small- to medium-sized businesses that are playing a crucial role in the region's economic development."

"Commerce will provide leasing services throughout the Bank's footprint in New Jersey, eastern Pennsylvania, northern Delaware and Manhattan, and focus on every type of equipment that our customers use - from office and restaurant equipment, to printing and production equipment to vehicles," explained Campbell.

"Although conventional financing for such equipment often requires a large down payment which can deplete a smaller business' working capital, we will offer customers 100% leasing to help them meet their start-up or expansion needs."

Commerce establishes fixed rates at the time the lease is arranged so customers are protected from unexpected increases. At the end of the lease, customers can choose to purchase the equipment at fair market value, or at a predetermined price; continue to lease; or return the equipment. During 2000, more than $260 billion worth of equipment was leased nationwide.

Commerce Bank is one of the nation's fastest-growing financial services retailers with $8.9 billion in assets and a rapidly expanding network of more than 150 branches. Commerce is maintaining an aggressive expansion pace, working toward a total asset goal of $22 billion and a branch network of 325 offices by the year 2005.

The bank plans to add 30 new locations throughout New Jersey, eastern Pennsylvania, Delaware and Manhattan in 2001. For more information about Commerce, please visit the Company's interactive financial resource center at commerceonline.com.