UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 13, 2004
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Commerce Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
New Jersey 1-12069 22-2433468
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(State or other (Commission File Number) (IRS Employer
jurisdiction Identification
of incorporation) Number)
Commerce Atrium, 1701 Route 70 East, Cherry Hill, NJ 08034-5400
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 856-751-9000
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ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
Vernon W. Hill, II, President and CEO of Commerce Bancorp, Inc. (NYSE Symbol:
CBH) announced today that the Commerce Board has approved the following actions:
1. Commerce has hired a leading Washington, DC law firm to review all current
policies and procedures for dealing with public officials. It is Commerce's
intention to have the industry leading policy in this area. The new policy
will include increased training and a review on a regular basis by a
recognized outside expert in this area.
2. Commerce Capital Markets, the wholly-owned underwriting and brokerage
subsidiary of Commerce, will exit the negotiated public finance
underwriting business and will no longer underwrite in the negotiated
public finance arena. Commerce Capital Markets will devote its efforts to
expanding its growing retail and asset management business. This
discontinued underwriting business has been less than 1% of Commerce's
gross revenue and net income for the first six months of 2004. Commerce
foresees absorbing any costs associated with exiting this business in the
normal course of its operations.
This Current Report on Form 8-K may contain certain forward-looking statements
regarding Commerce Bancorp, Inc.'s business and prospects that are based upon
numerous assumptions about future conditions which may ultimately prove to be
inaccurate and actual events and results may materially differ from anticipated
results described in such statements. Such forward-looking statements involve
risks and uncertainties and any one or a combination of these risks could have a
material adverse effect on Commerce Bancorp, Inc.'s business, financial
condition and results of operations.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COMMERCE BANCORP, INC.
Date: July 13, 2004
By: /s/ DOUGLAS J. PAULS
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Douglas J. Pauls
Senior Vice President and Chief Financial Officer