Commerce Bancorp Inc. (CBH)

Commerce Bancorp, Inc. operates as the holding company for Commerce Bank N.A. and Commerce Bank/North, which provide retail and commercial banking services for consumers, and small and mid-sized companies. The company, through its subsidiaries, accepts checking accounts, savings programs, money market accounts, negotiable orders of withdrawal accounts, and certificates of deposit. It also offers consumer loan programs, including installment loans for home improvement and the purchase of consumer goods and automobiles, home equity and revolving lines of credit, and construction loans and permanent mortgages for houses, as well as short-term loans for seasonal or working capital purposes, term loans for fixed assets and expansion purposes, revolving credit plans, and other commercial loans and leases. The company also offers safe deposit facilities, coin counting, overdraft checking, and automated teller facilities. As of December 31, 2006, it operated 428 retail stores in New Jersey, Pennsylvania, Delaware, New York, Connecticut, Virginia, Maryland, and Florida, as well as in the District of Columbia. In addition, the company provides insurance brokerage services for commercial property, casualty and surety, and personal lines, as well as employee benefit programs, including group and individual medical, life, disability, pension, and risk management services for clients primarily in New Jersey, Pennsylvania, New York, and Delaware. Further, it offers corporate trust services; securities, investment management, and brokerage services; purchases, holds, and sells investments; Web enabled wealth and financial planning solutions; business leasing services; and securitization of residential mortgage loans. The company was founded in 1973 and is headquartered in Cherry Hill, New Jersey.

For the nine months ended 30 September 2006, Commerce Bancorp, Inc.'s interest income rose 40% to $1.67B. Net interest income after LLP rose 10% to $925.3M. Net income remained flat at $236.5M. Net interest income reflects an increase in interest earning assets, partially offset by higher interest expense on deposits and an increase in provision for loan losses. Net income was offset by higher salaries & benefits and increased occupancy expenses