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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Sanford & Purvis Insurance, Montclair, NJ

 
Transaction Summary
Commerce National Insurance Services, a subsidiary of Commerce Bancorp, Inc., has acquired Sanford & Purvis Insurance, paying approximately $4.7 million in common stock. Sanford & Purvis Insurance, based in Montclair, New Jersey, was founded in 1896. Sanford & Purvis is a full service insurance brokerage that specializes in financial planning, group benefits, long term care, personal and commercial insurance. When the transaction is completed the management of Sanford & Purvis will join Commerce National Insurance Services. Both organizations are looking forward to the planned aggressive growth strategy. Commerce National Insurance Services has an annual premium volume of $600 million and is the 24th largest insurance broker in the nation. Commerce Bancorp, Inc., based in Cherry Hill, New Jersey, is a rapidly growing financial services company with hopes of achieving $25 billion in total assets and 375 branch offices by 2005. Commerce Bancorp, Inc., currently operates through a network of approximately 200 branch offices and currently has $14 billion in total assets.
 
Transaction Data
Announcement Date 06/25/02   Completion Date 08/01/02
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Full Service Insurance Brokerage   Transaction Revised? No
Accounting Type Purchase   Revision Date N/A
Total Purchase Price ($000) 4,760   Assets Sold/Purchased ($000) N/A
Consideration Type Common Stock   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 4,760
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 Sanford & Purvis Insurance
 
Transaction Advisers
Financial Advisers: N/A N/A
Legal Advisers: N/A N/A
Financial Advisers: Sica Consultants yes
Legal Advisers: N/A N/A
 
Data Provided by Highline Financial LLC.