Commerce Bank Announces Five-Year Growth Plan; Bank sets goal of 55 stores, $4 billion in deposits by 2010
July 12 2005 - 8:51AM
Business Wire
Commerce Bank/Harrisburg, NA, the sole banking subsidiary of
Pennsylvania Commerce Bancorp Inc. (NASDAQ:COBH), today announced a
five-year growth plan to more than double its branch network to as
many as 55 stores and increase its deposits to more than $4 billion
by 2010. Commerce Bank/Harrisburg currently has 25 stores in five
Pennsylvania counties and plans to expand its network to 28 offices
by year-end, with openings in North Cornwall Township in Lebanon
County, and Wyomissing Borough and Cumru Township in Berks County.
Thereafter, the bank plans to open four to six new stores in each
of the next five years. Like all Commerce offices, the stores will
offer seven-day branch banking and free checking, along with other
amenities like Commerce's free interactive Penny Arcade
coin-counting machine. "As we look ahead, we will adhere to the
retail model that has driven our growth and success for the past 20
years," said Chairman, President and CEO Gary L. Nalbandian. "We
will keep working relentlessly to deliver an unsurpassed service
experience. We will continue to pioneer new ways to make banking
even more convenient. We've never considered ourselves a
conventional bank, and we aim to prove that to the people and
organizations we serve every day. "We are tremendously excited
about our plans for growth. In the coming years, we expect to
further fill in areas between existing stores and expand our
footprint into neighboring counties and regions. The next new area
for us will be Lancaster beginning in 2006." A Commerce Bank retail
store generally requires as many as 20 full- and part-time
employees. In conjunction with the bank's growth plans, other new
hires will include lending officers and operations personnel.
Commerce currently employs more than 740 people throughout Central
Pennsylvania and Berks County. To accommodate the bank's growth, a
new headquarters, operations and training center, "Commerce
Center," is under construction at the TecPort Business Center in
Swatara Township, Dauphin County. When completed, the 56,000 square
foot, two-story facility will house operations and support services
departments including the bank's 24/7 live customer service call
center. The building also will house consumer, commercial and
mortgage lending operations for the bank's East Shore and West
Shore regions in Harrisburg. Additionally, it will be home to
Commerce University, the bank's in-house training and education
program, which offers more than 50 courses and last year topped
2,900 enrollees. Pennsylvania Commerce Bancorp's performance is
marked by rapid growth, increasing profitability and excellent
financial returns to shareholders. Over the last five years,
assets, deposits and loans have grown on average 28%, 27% and 23%
respectively. Total revenues, net income and net income per share
have increased 26%, 23% and 18% respectively. Commerce
Bank/Harrisburg, "America's Most Convenient Bank," opened its first
office in Camp Hill, PA, in June of 1985. In the 20 years since,
the bank has cultivated a unique retail model that has produced
continuous strong growth. The bank has doubled its number of
branches in Pennsylvania in recent years, growing a network of 25
stores in Berks, Cumberland, Dauphin, Lebanon and York counties.
Commerce's hallmark products and services include seven-day branch
banking, totally free checking, no-fee instant-issue ATM/Visa check
card, free interactive Penny Arcade coin-counting machines, free
online banking and 24/7 Bank-by-Phone. In addition to retail
banking, Commerce offers a diverse portfolio of commercial banking
services including installment and term loans, commercial
mortgages, commercial leasing and lines of credit, and cash
management services. Commerce Bank/Harrisburg currently has assets
of $1.4 billion. For more information about Commerce
Bank/Harrisburg, visit the bank's web site at commercepc.com. This
press release contains forward-looking statements concerning future
events. Actual results could differ materially due to the following
risks and uncertainties -- deteriorating economic conditions;
increased competition; interest rate movements; market volatility
in the securities markets; legislative or regulatory developments;
merger-related synergies, savings and integration issues;
technological changes; and other risks and uncertainties discussed
in the company's reports filed from time to time with the
Securities and Exchange Commission. The Company cautions readers
not to place undue reliance on these statements. The Company
undertakes no obligation to publicly release or update any of these
statements.
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