Commerce Bank to Hire 8,000 Employees

Commerce Bancorp (NYSE: CBH), the Cherry Hill holding company for Commerce Bank, said on Tuesday it plans to open 40 to 45 new branches in 2002, creating 1,600 new jobs.

Commerce Bancorp, which now employs more than 6,000 people in New Jersey, Pennsylvania, Delaware and New York, expects to hire 8,000 new personnel by 2006.

The 2002 branch expansion will occur throughout Metro New York and Metro Philadelphia, the company said, noting that it plans to increase the total number of its prototype branches to 375 and increase total assets to $25 billion by 2005.

"As other companies nationwide continue to announce major workforce cuts, Commerce is producing many career opportunities," said Vernon W. Hill, chairman and president of Commerce Bancorp.

Last year, Commerce Bancorp opened the first four Commerce Bank branches in Manhattan. It plans to open at least six more branches in Manhattan during 2002, and will expand further in New York with the opening of its first seven branches in Nassau and Suffolk counties on Long Island.

Commerce Bancorp shares closed at $40.61 on Tuesday, down $1.76 for the day.

Author: NJBiz.com