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COMMERCE BANCORP INC. Cherry Hill, New Jersey; This Manhattan Project Is Heavy On Service.(THE NEW AMERICA)
Byline: MARILYN MUCH
Vernon Hill admits to being a little nervous when he staked his claim in the Big Apple 18 months ago.
After all, he's chairman of a regional bank holding firm -- New Jersey-based Commerce Bancorp Inc. -- that was taking on New York-based banking giants such as Citigroup Inc. and J.P. Morgan Chase & Co.
Hill's biggest concern was that the big-city folk might not take to Commerce Bank's down-home suburban business model.
Now, 18 months later and about five weeks since opening Commerce Bank's seventh New York City branch, Hill is happy to say his fears were unfounded.
"We were concerned our message would get lost in all the noise in Manhattan," he said. "But instead we've been overwhelmed with our success there."
At the end of the third quarter, Commerce's New York branches boasted more than 42,000 accounts and deposits of $421 million -- up from $109 million in the second quarter.
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