Commerce Bancorp to Acquire J.A. Montgomery Inc., Delaware's Largest Insurance Brokerage

Cherry Hill, NJ-based Commerce Bancorp Inc. says it has entered into an agreement to acquire J.A. Montgomery Inc., a Delaware insurance brokerage firm. J.A. Montgomery Inc. will be part of Commerce's portfolio of financial services that will be introduced in Delaware later this year when the bank makes its debut in New Castle County.

J.A. Montgomery Inc., founded in 1865, is Delaware's largest insurance brokerage firm. Located in Wilmington, the firm provides commercial, personal and employee benefit insurance brokerage services for more than 16,000 clients throughout the state. The company, which reported 1997 premium volume of $70 million, will join Commerce National Insurance Services Inc., the region's largest insurance brokerage firm.

J.A. Montgomery Inc. will continue to operate from its headquarters in Delaware led by Robert G. Hackett, president of J.A. Montgomery Inc. and with its entire current staff. The companies say they anticipate a dramatic expansion in the scope and services of J.A. Montgomery Inc.

Commerce National Insurance Services Inc., was founded in 1996 and is now one of the largest insurance brokerage firms in the United States and the largest insurance brokerage firm in Metropolitan Philadelphia serving more that 40,000 clients in 25 states, with premium volume of $350 million. Commerce Bancorp recently announced the aggressive expansion of banking offices in the state of Delaware with the formation of Commerce Bank/Delaware which will open 15 offices state-wide beginning with the first two offices in New Castle County during 1998. Commerce Bancorp is the region's fastest growing independent regional banking company with assets of $4.3 billion and a network of 76 offices serving Eastern Pennsylvania, New Jersey, and Delaware.