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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Anchor Bancorp, Inc.

 
Transaction Summary
Commerce Bancorp acquired 4 branches of Anchor Savings Bank including $210 million in deposits from Anchor Bancorp. The transaction had required regulatory approval. Anchor Savings had disclosed in April 1990 that it was seeking a buyer for 58 of its branches. At completion, Commerce bank paid a $3 million premium.
 
Transaction Data
Announcement Date 03/19/93   Completion Date 07/16/93
# of Branches Sold 4   Transaction Status Completed
Reason for Transaction Unknown   Transaction Revised? Completed
Total Deposits Sold ($000) 210,000   Revision Date N/A
Total Core Deposits ($000) 210,000   Total Assets Sold ($000) N/A
Total Premium Paid 3,000   Premium/Total Deposits (%) 1
Goodwill ($000) 3,000   Premium/Core Deposits (%) N/A
Core Deposit Intangibles Created ($000) N/A   Loans Part of Transaction? Yes
Actual Buyer of Branches Commerce Bank   Actual Seller of Branches Anchor Savings Bank, FSB
 
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.