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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: J.A. Montgomery Inc., Wilmington, DE

 
Transaction Summary
Commerce Bancorp Inc., has acquired J.A. Montgomery Inc, an insurance broker located in Wilmington, Delaware for approximately $6 million in common stock. J.A. Montgomery Inc., is Delaware's largest insurance brokerage firm, providing a full range of commercial, personal and employee benefit insurance brokerage services for over 16,000 clients throughout the state of Delaware. J.A. Montgomery Inc., reported a premium volume of $70 million for 1997. The transaction was completed on August 14, 1998.
 
Transaction Data
Announcement Date 07/01/98   Completion Date 08/14/98
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Insurance Brokerage Firm   Transaction Revised? No
Accounting Type Pooling   Revision Date N/A
Total Purchase Price ($000) 6,000   Assets Sold/Purchased ($000) N/A
Consideration Type Common Stock   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 6,000
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   Payment in: Other Consider ($000) 0
Earnout Consideration value ($000) N/A   Actual Seller of Assets J.A. Montgomery Inc.
 
Transaction Advisers
Financial Advisers: N/A N/A
Legal Advisers: Blank Rome Comisky & McCauley yes
Financial Advisers: N/A N/A
Legal Advisers: N/A N/A
 
Data Provided by Highline Financial LLC.