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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: BK International Insurance Brokers, Ltd., Greenwich, CT

 
Transaction Summary
Commerce Insurance Services, a subsidiary of Commerce Bancorp, Inc., has acquired BK International Insurance Brokers, Ltd. The terms of the transaction were not disclosed. BK International Insurance Brokers, Ltd., based in Greenwich, Connecticut, was a regional insurance brokerage company that focuses on employee benefits and property and casualty insurance products. Additionally, BK International has created an international network of brokers that is able to provide insurance services in many countries. The transaction gave Commerce Bank an insurance presence in Connecticut where the company is adding two branches in July of 2005. This transaction gave Commerce Insurance a network of 15 offices throughout New Jersey, Wilmington and Delaware. The transaction completed late in 2005.
 
Transaction Data
Announcement Date 06/28/05   Completion Date 12/31/05
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Insurance Broker   Transaction Revised? No
Accounting Type Purchase   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 Insurance Services   Payment in: Other Consider ($000) 0
Earnout Consideration value ($000) N/A   Actual Seller of Assets BK International Insurance Brokers, Ltd.
 
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.