CHERRY HILL, N.J., Sept. 30 /PRNewswire-FirstCall/ -- Commerce Bancorp,
Inc. (NYSE: CBH) announced today that Michael Tiagwad has been named to serve
as President of Commerce Insurance Services, a wholly-owned subsidiary of
Commerce Bank. Commerce Insurance Services is #22 on the list of top 100
largest insurance brokers in the United States as ranked by Business Insurance
magazine.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050816/PHTU019LOGO)
Tiagwad, with more than 17 years of comprehensive insurance experience,
will lead Commerce Insurance Services' continuing growth. In addition, he will
work to maximize the business and service synergies between Commerce Insurance
and Commerce Bank
Prior to joining Commerce Insurance Services, Tiagwad served as President
of The Graham Company, one of the Philadelphia region's largest and most
respected insurance brokerage firms.
"We are very pleased that Mike Tiagwad has joined Commerce Insurance to
play a key role in the ongoing evolution of our organization," said Commerce
Insurance Services' Chairman George E. Norcross, III. "His in-depth knowledge
of the metro-Philadelphia business market and broad-based commercial insurance
experience gained as the senior executive of a major brokerage firm make Mike
an immediate and very important asset."
"Adding a seasoned senior insurance executive with credentials such as
Mike Tiagwad's reinforces the significant position Commerce Insurance holds in
Commerce Bank's diversified portfolio of financial services," noted Commerce
Founder and Chairman Vernon W. Hill.
"We are pleased that world-class executives continue to join Commerce
Bank's senior management team. Mike Tiagwad and others including Jon Sandeen,
our new Director of Development from Wal-Mart, and Stan Gregor, President of
Commerce Capital Markets who joined us from Bank of America / Fleet Boston,
all will help to shape and direct Commerce Bank's exciting future," added
Hill.
About Commerce Insurance Services
Since its inception in 1996, through strong internal growth and carefully
planned acquisitions Commerce Insurance Services (CIS) has expanded to a
network of 14 offices with an annual premium volume of nearly $1 billion. CIS
provides a complete range of commercial, employee benefit and personal
insurance coverage to more than 130,000 clients in all 50 states. In recent
years, CIS also has expanded its focus to include developing specialty
insurance practices to serve clients whose unique needs extend beyond more
traditional commercial insurance coverage. Current practices include:
- Education - Public Entity
- Executive Risk - Hospitality & Gaming
- Life Science - Financial Services
- Healthcare - Risk Control
- Surety - Professional liability
- Construction
About Commerce Bank
Commerce Bank, "America's Most Convenient Bank," is a leading retailer of
financial services with nearly 350 convenient stores in New Jersey, New York,
Connecticut, Pennsylvania, Delaware, Washington, D.C., and Virginia. The bank
also is expanding into southeast Florida in early 2006. Overall, Commerce
plans to open 50-plus new locations and create 1,800 new career opportunities
throughout its footprint in 2005. Headquartered in Cherry Hill, N.J., Commerce
Bancorp (NYSE: CBH) has $35 billion in assets. For more information about
Commerce, please visit the company's interactive financial resource center at
http://www.commerceonline.com.
Forward-Looking Statements
The Company may from time to time make written or oral "forward-looking
statements," including statements contained in the Company's filings with the
Securities and Exchange Commission, in its reports to stockholders and in
other communications by the Company, which are made in good faith by the
Company pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the
Company's beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions, that are subject to significant risks and
uncertainties and are subject to change based on various factors (some of
which are beyond the Company's control). The words "may," "could," "should,"
"would," "believe," "anticipate," "estimate," "expect," "intend," "plan," and
similar expressions are intended to identify forward-looking statements. The
following factors, among others, could cause the Company's financial
performance to differ materially from that expressed in such forward-looking
statements: the strength of the United States economy in general and the
strength of the local economies in which the Company conducts operations; the
effects of, and changes in, trade, monetary and fiscal policies, including
interest rate policies of the Board of Governors of the Federal Reserve System
(the "FRB"); inflation; interest rates, market and monetary fluctuations; the
timely development of competitive new products and services by the Company
and the acceptance of such products and services by customers; the willingness
of customers to substitute competitors' products and services for the
Company's products and services and vice versa; the impact of changes in
financial services' laws and regulations (including laws concerning taxes,
banking, securities and insurance); technological changes; future
acquisitions; the expense savings and revenue enhancements from acquisitions
being less than expected; the growth and profitability of the Company's non-
interest or fee income being less than expected; unanticipated regulatory or
judicial proceedings; changes in consumer spending and saving habits; and the
success of the Company at managing the risks involved in the foregoing.
The Company cautions that the foregoing list of important factors is not
exclusive. The Company does not undertake to update any forward-looking
statement, whether written or oral, that may be made from time to time by or
on behalf of the Company.
SOURCE Commerce Insurance Services
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Related links:
http://www.commerceonline.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20050816/PHTU019LOGO
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
David Flaherty, Commerce Insurance Services,
+1-856-751-4069
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