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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Associated Insurance Management Inc., Haddonfield, NJ

 
Transaction Summary
Commerce National Insurance, a wholly owned subsidiary of Commerce Bancorp Inc., agreed to acquire Associated Insurance Management Inc. of Haddonfield, N.J. Associated is southern New Jersey's premier employee and executive benefit consulting firm. It develops a broad range of medical and managed care insurance programs for groups of employees ranging from a small number to over 3,000. The company specializes in design, administration and communication of employee benefit management. Associated serves nearly 500 organizations throughout southern New Jersey and metropolitan Philadelphia. Tarditi, Associated's president, will head the expanded employee benefit division of Commerce National Insurance, the region's largest provider of commercial personal and employee benefit insurance brokerage services. Terms of the transaction were not disclosed. With the addition of Associated and other pending acquisitions, Commerce National Insurance's projected 1998 premium volume will exceed $200 million.
 
Transaction Data
Announcement Date 10/06/97   Completion Date 01/21/98
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Benefit Consulting Firm   Transaction Revised? No
Accounting Type Unknown   Revision Date N/A
Total Purchase Price ($000) N/A   Assets Sold/Purchased ($000) N/A
Consideration Type N/A   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 0
Premium or Discount Paid ($000) N/A   Payment in: Debt ($000) 0
Premium/Assets Sold (%) N/A   Payment in: Convertible Debt ($000) 0
Price/Assets Sold (%) N/A   Payment in: Pref Stock ($000) 0
Actual Buyer of Assets Commerce National Insurance   Payment in: Other Consider ($000) 0
Earnout Consideration value ($000) N/A   Actual Seller of Assets Associated Insurance Management Inc.
 
Transaction Advisers
Financial Advisers: N/A N/A
Legal Advisers: N/A N/A
Financial Advisers: N/A N/A
Legal Advisers: N/A N/A
 
Data Provided by Highline Financial LLC.