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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Mullaney Insurance Associates Incorporated, Oakhurst, NJ

 
Transaction Summary
Commerce National Insurance Services, a wholly-owned subsidiary of Commerce Bancorp, Inc., has acquired Mullaney Insurance Associates Incorporated, headquartered in Oakhurst, New Jersey for approximately $2.7 million. As a result of the acquisition, Commerce National Insurance Services will open its first office in Monmouth County, New Jersey. Founded in 1961 by H. William Mullaney, the firm specializes in providing a full range of property and casualty insurance services for clients throughout New Jersey. Mullaney will serve as a vice president for Commerce National Insurance Services. With the addition of Mullaney Insurance Services, Commerce National Insurance Services' projected premium volume for 1999 will reach $400 million. Commerce National Insurance Services is the region's largest provider of commercial, personal and employee benefits insurance brokerage services and is the nation's 34th largest brokerage firm. Commerce Bancorp is the region's fastest-growing, locally headquartered, independent financial services retailer with assets of $6 billion and a branch network of 108 offices serving New jersey, eastern Pennsylvania and Delaware. Commerce, headquartered in Cherry Hill, New Jersey, plans to open 30 new branches during 1999.
 
Transaction Data
Announcement Date 07/27/99   Completion Date 11/15/99
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Property and Casualty Insurance Agency   Transaction Revised? No
Accounting Type Pooling   Revision Date N/A
Total Purchase Price ($000) 2,675   Assets Sold/Purchased ($000) N/A
Consideration Type Common Stock   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 2,675
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 Mullaney Insurance Associates Incorporated
 
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.