Commerce Bank, a subsidiary of Commerce Bancorp (formerly NYSE: CBH), was a bank headquartered in Cherry Hill, New Jersey. The bank was founded in 1973 and operated a unique & very successful retail model, which fueled the bank's growth; at its peak, the company had nearly $50 billion in assets. Commerce expanded substantially since opening its first store in Marlton, New Jersey in 1973. The Commerce network eventually comprised of nearly 450 convenient stores throughout New Jersey, New York, Connecticut, Pennsylvania, Delaware, Washington, DC, Virginia, Maryland & Southeast Florida. In 2007, Toronto-Dominion Bank purchased Commerce for over $8 billion and merged it with its own TD Banknorth, creating TD Bank.
Commerce Bank was created in 1973 by restaurant entrepreneur Vernon Hill, who wanted to create a banking experience that matched the convenience of fast food. Commerce became known as "America's Most Convenient Bank" by having a unique and different approach to banking. This included:
- Branch banking open seven days a week
- FREE personal checking
- Convenient online banking
- Stock trading at CommerceOnline.com
- 1-800-YES-2000, a full-service, 24-hour bank-by-phone system
- Mortgage, CDs, HELOCs, auto finance, savings and more with “No Stupid Fees”
Commerce Bank developed something of a cult following, and TD Bank continues on with Commerce's commitment to convenience. Consumers can find personal banking products like certificates of deposit (CDs), savings accounts, money market accounts, and more at TD locations. Additionally, the bank is a large mortgage lender, offering fixed-rate, adjustable rate mortgages (ARMs), and more.
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