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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Morrissey Agency, Mount Laurel, NJ

 
Transaction Summary
Commerce Bancorp has agreed to acquire the Morrissey Agency of Mount Laurel, NJ. Morrissey will be added to Commerce Bancorp's newly established Insurance Division. Terms of the transaction were not disclosed. The addition of the Morrissey Agency will reinforce Commerce's position as the largest full-service insurance agency in Southern New Jersey and one of the largest in the state of New Jersey.
 
Transaction Data
Announcement Date 11/22/96   Completion Date 01/28/97
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Full service 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 N/A   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 0
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 Morrissey Agency
 
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.