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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Brettler Financial Group, Franklin, NJ

 
Transaction Summary
Commerce National Insurance Services, a wholly-owned subsidiary of Commerce Bancorp, Inc., has acquired Brettler Financial Group. Terms of the transaction were not disclosed. Brettler, based in Franklin, NJ, specializes in product liability and other essential lines of insurance coverage for cutting edge firms working in the life science field, particularly those focusing on biotechnology research and development. Commerce National Insurance Services, with an annual premium volume that exceeds $500 million and 125,000 clients in 25 states, ranks among the nation's 20 largest insurance brokerage firms. Commerce Bank is the region's fastest growing independent financial services retailer, with assets of $9.3 billion and a network of nearly 160 branches throughout New Jersey, eastern Pennsylvania and northern Delaware. Commerce is maintaining an aggressive expansion pace, and plans to open more than 200 additional branches over the next five years. During 2001, the Bank will open more than 35 additional branches, including its first two branches in Manhattan.
 
Transaction Data
Announcement Date 06/29/01   Completion Date 08/01/01
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Product Liability Insurance Agency   Transaction Revised? No
Accounting Type Pooling   Revision Date N/A
Total Purchase Price ($000) N/A   Assets Sold/Purchased ($000) N/A
Consideration Type Common Stock   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) N/A
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 Services   Payment in: Other Consider ($000) 0
Earnout Consideration value ($000) N/A   Actual Seller of Assets Brettler Financial Group
 
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.