COBH Pennsylvania Commerce Bancorp (MM)

Commerce Bank/Harrisburg, NA, the sole banking subsidiary of Pennsylvania Commerce Bancorp Inc. (NASDAQ:COBH), today announced that the bank has surpassed $500 million in total commercial loans. "As we grow, we are finding that organizations are increasingly interested in our unique service model and how we can meet their lending needs," said Commerce Bank Chief Lending Officer Rory Ritrievi. "In response, we continue to bolster our lending team and we've added specialty areas including middle-market and healthcare financing. With a combination of seasoned lending experts and efficient local decision-making, we are now the leading commercial lender in our footprint." Midway through the year, total commercial loans (including commercial real estate loans) were up 19 percent, to $503 million, from $423 million a year earlier. Commercial loans were $205 million. Commercial real estate loans totaled $298 million. Total loans (net) were up 21 percent, to $714 million, from $588 million a year ago. Commerce's commercial lending services include term loans, commercial mortgages, commercial leasing and lines of credit. Specialty areas include: -- Middle-market lending - serving companies with annual revenues of $5 million to $200 million -- Real estate lending - financing for property acquisition, development, construction and sale -- Healthcare financing - serving acute care hospitals; long-term care facilities, including assisted living and skilled nursing; outpatient and inpatient clinics, and physician practices In addition to commercial lending, 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. 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 27 stores in Berks, Cumberland, Dauphin, Lebanon and York counties. 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.