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Commerce Bancorp, Inc. Acquisition History

Buyer: Commerce Bancorp, Inc., Cherry Hill, NJ
Seller: Traber and Vreeland Inc., Randolph, NJ

 
Transaction Summary
Commerce National Insurance Services, a wholly-owned subsidiary of Commerce Bancorp, Inc. has acquired Traber and Vreeland, Inc., headquartered in Randolph, Morris County, New Jersey. Commerce paid approximately $10.5 million in common stock. Founded in 1963, Traber and Vreeland specializes in providing a full range of commercial and personal insurance lines for clients throughout northern New Jersey. Traber and Vreeland operates a network of six offices and employs 85 insurance professionals. Traber and Vreeland President Robert Vreeland and the current management staff will lead the accelerated expansion of the combined firms throughout northern and central New Jersey. The Traber and Vreeland acquisition will increase the overall size of CNIS significantly. As a result of the move, CNIS will become the 27th largest insurance brokerage firm in the nation and have an annual premium volume that exceeds $500 million. CNIS will serve over 90,000 clients once the acquisition is completed. Commerce Bancorp is the region's fastest-growing locally headquartered, independent financial services retailer with assets of $6.3 billion and a branch network of 114 offices serving New Jersey, eastern Pennsylvania and Delaware. Commerce, headquartered in Cherry Hill, New Jersey, plans to open 100+ new branches during the next four years including dramatic expansion in New Jersey's Morris, Essex, Union and Middlesex Counties. Terms of the transaction were not disclosed. The transaction was completed on January 27, 2000.
 
Transaction Data
Announcement Date 10/26/99   Completion Date 01/27/00
Type of Asset Sold Insurance   Transaction Status Completed
Asset Desc. Insurance Agency   Transaction Revised? No
Accounting Type Pooling   Revision Date N/A
Total Purchase Price ($000) 10,508   Assets Sold/Purchased ($000) N/A
Consideration Type Common Stock   Payment in: Cash ($000) 0
Goodwill ($000) N/A   Payment in: Common Stock ($000) 10,508
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 Traber and Vreeland, Inc.
 
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.