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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Porch Agency, Bridgeton, NJ

 
Transaction Summary
Commerce Insurance Services, a wholly owned subsidiary of Commerce Bancorp, Inc., has acquired The Porch Agency headquartered in Bridgeton, New Jersey. Commerce issued approximately 44,000 shares of common stock valued at approximately $1.8 million in this transaction. Headed by President Joseph Porch, The Porch Agency serves the diverse insurance needs of school districts located throughout New Jersey. The firm specializes in creating Risk Management and Property and Casualty insurance programs that address the complex issues that impact students, teachers and administrators. The Porch Agency also provides Risk Management and Property and Casualty insurance programs for energy dealers, such as fuel oil companies, that operate throughout New Jersey and southeastern Pennsylvania.
 
Transaction Data
Announcement Date 02/19/03   Completion Date 02/19/03
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Insurance Agency   Transaction Revised? No
Accounting Type Purchase   Revision Date N/A
Total Purchase Price ($000) 1,848   Assets Sold/Purchased ($000) N/A
Consideration Type Common Stock   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 1,848
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 Insurance Services   Payment in: Other Consider ($000) 0
Earnout Consideration value ($000) N/A   Actual Seller of Assets Porch 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.