"We will continue to grow in both new and in our heritage markets," says Vernon W. Hill, Commerce's founder and chairman. "We will also grow in both suburban and urban communities based on the success of our retail model."
Without naming specific locations, Commerce will add between 10 and 15 branches in New Jersey, another 20 to 25 in New York and Connecticut and 10 in Pennsylvania, according to Hill. The company is also planning on opening between 10 and 15 branches in the metro Baltimore area, a new market for Commerce. The Baltimore market will essentially be an extension of the bank's existing presence in Washington, DC and Northern Virginia.
And Commerce is planning to open between 10 and 15 branches in Southeast Florida, Hill adds. Indeed, his company is off and running very early toward that goal: Commerce has already opened seven branches in the Sunshine State just since the first of the year. The openings have taken place in Boca Raton, Boynton Beach, Delray Beach, Lake Worth, Palm Beach, North Palm Beach and West Palm Beach. "We plan to ultimately create a network of more than 150 store locations in Southeast Florida," Hill says.
Commerce Bank currently has more than $38 billion in assets, company officials report. According to figures released by the company, its core deposits increased by 27% in 2005, net loans increased by 34% and total assets grew by 26%.
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