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COMMERCE BANCORP INC. Cherry Hill, New Jersey It's A Bank, It's A Retail Firm, It's . . . Both?(THE NEW AMERICA)
Byline: STEVE WATKINS
To hear Vernon Hill talk about same-store sales growth, location, service and convenience, you'd swear he was running some fast-growing retailer.
But Hill is chairman and president of Commerce Bancorp Inc. He just happens to run the New Jersey bank as though it were a retailer.
"Our view is diametrically opposed to how most banks operate," Hill said. "We're taking the power retail model and applying it to the banking business."
Commerce doesn't do much acquiring, which is how most banks grow. Instead, it finds a good location and puts a new bank at the site. That's more like a retailer, which opens new stores as it sees market demand grow.
The similarity doesn't end there. Commerce stays open seven days a week. It also keeps late hours; most branches stay open until 8 p.m. during the week.
And while most banks won't cash in loose coins unless they're rolled, Commerce recently spent $10 million to install 200 self-serve machines to count and cash coins.
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