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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Fitzsimmons Insurance & Financial Services, Inc., Summit, NJ

 
Transaction Summary
Commerce National Insurance Services, a wholly-owned subsidiary of Commerce Bancorp, Inc., has acquired Fitzsimmons Insurance & Financial Services, Inc., based in Summit, New Jersey. Terms of the transaction were not disclosed. Founded in 1913 by James Fitzsimmons, the firm specializes in providing a full range of business and personal insurance lines for customers throughout central New Jersey. In recent years the agency has also developed a successful affinity insurance program that focuses on offering discounted personal insurance lines to various professional organizations and other groups such as college alumni. Since its formation in October of 1996, Commerce National Insurance Services has expanded rapidly through a series of carefully planned acquisitions. Today, Commerce National is the region's largest insurance brokerage firm and the 28th largest insurance brokerage firm in the nation. Commerce National serves over 100,000 clients in 25 states and has an annual premium volume that exceeds $500 million. Commerce Bancorp is the region's fastest-growing locally headquartered, independent financial services retailer with assets of $8.2 billion and a branch network of 150 offices serving New Jersey, eastern Pennsylvania and Delaware. Commerce is headquartered in Cherry Hill, New Jersey.
 
Transaction Data
Announcement Date 01/04/01   Completion Date 01/04/01
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. 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 Fitzsimmons Insurance & Financial Services, 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.