The Porch Agency Joins Commerce Insurance Services

Business Wire, Feb 19, 2003

Business Editors

CHERRY HILL, N.J.--(BUSINESS WIRE)--Feb. 19, 2003

Commerce Insurance Services (CIS), a wholly owned subsidiary of Commerce Bancorp, Inc. (NYSE:CBH) has acquired The Porch Agency headquartered in Bridgeton, New Jersey.

Headed by President Joseph Porch, The Porch Agency serves the diverse insurance needs of school districts located throughout New Jersey. The firm specializes in creating Risk Management and Property and Casualty insurance programs that address the complex issues that impact students, teachers and administrators.

The Porch Agency also provides Risk Management and Property and Casualty insurance programs for energy dealers, such as fuel oil companies, that operate throughout New Jersey and southeastern Pennsylvania.

"This move reflects our focus on developing specialty insurance practices to serve clients whose needs extend beyond more traditional commercial insurance coverage," said CIS President and Chief Operating Officer Edward Kiessling. "The Porch Agency's emphasis on delivering comprehensive and effective solutions to meet their customers' insurance needs mirrors our philosophy. We know Joe Porch and his associates will be an excellent addition to Commerce Insurance Services' team."

"Our new association with Commerce Insurance will provide us with a broad range of additional resources and enable us to significantly enhance the services we provide our clients," noted Joseph Porch. "Joining one of the nation's top insurance brokerages is a great opportunity for us and the organizations that look to the Porch Agency to handle their insurance needs."

Strong internal growth and a series of carefully planned acquisitions have fueled CIS' success since its inception in 1996. With an annual premium volume in excess of $700 million and network of 14 branches, CIS is one of the largest insurance brokerage firms in the nation.

Commerce Bancorp is one of the nation's fastest-growing financial service retailers with more than $16 billion in assets and a rapidly expanding network of 225 branches. Commerce is maintaining an aggressive expansion pace, working toward a total asset goal of $59 billion and a branch network of 515 offices by the year 2007.

The bank plans to add 46 new locations throughout New York, New Jersey, eastern Pennsylvania and Delaware during 2003. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com.