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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Chesley & Cline Inc., Mt. Holly, NJ

 
Transaction Summary
Commerce Bancorp has agreed to acquire Chesley & Cline Inc., one of the leading insurance brokerage agencies in Southern New Jersey, headquartered in Mt. Holly, NJ, with locations in Somerdale, Collingswood, Medford, Northfield and Mercerville. The acquisition will be completed by the issuance of approximately 215,000 shares of Commerce common stock, and Commerce has indicated that the acquisition will be accretive to earnings in its first full year of operation.
 
Transaction Data
Announcement Date 10/07/96   Completion Date 12/01/96
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. N/A   Transaction Revised? No
Accounting Type Pooling   Revision Date N/A
Total Purchase Price ($000) 5,751   Assets Sold/Purchased ($000) N/A
Consideration Type Common Stock   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 5,751
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 Bancorp, Inc.   Payment in: Other Consider ($000) 0
Earnout Consideration value ($000) N/A   Actual Seller of Assets Chesley & Cline 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.