In business since 1973, Commerce Bank has grown into one of the nation’s most successful retail companies by focusing on providing quality banking services. In order to achieve their corporate goal of legendary service and a unique customer experience they feature: seven-day-a-week banking; free personal checking; convenient on-line banking and stock trading and the Commerce Check Card, a combination ATM/Visa debit card.
Planning to open more than 65 new locations this year, they aim to create “Fans, not Customers.”
“America’s Most Convenient Bank” Leads Industry in Service, Innovation
Commerce Bank welcomed its first customers for business more than 30 years ago with a focused commitment to providing quality banking services through every available delivery channel. Since then, the bank has developed a unique and very successful retail model, which has produced dynamic growth. From its inception in 1973, Commerce has expanded from its original base in Marlton, N.J. to nearly 400 locations throughout Metro New York, Metro Philadelphia, Metro Washington, D.C., and southeast Florida.
Commerce, a retailer at heart, has developed a unique business strategy that incorporates the best practices of the nation’s leading consumer-focused retailing companies. As “America’s Most Convenient Bank,” Commerce looks different, thinks different and provides a truly different banking experience. Commerce’s hallmark products and services include:
Seven-day branch banking
Free personal checking
Free Commerce Check Card, a combination ATM / Visa debit card
Free Commerce Visa Credit Card, a revolutionary no-fee card with a triple reward-points program
Free Penny Arcade coin-counting machines
Commerce On-Line Banking, America’s leading on-line banking service
1-800-YES-2000, a full-service, 24-hour bank-by-phone system
In addition, Commerce has established a major commercial banking business that is built on the philosophy of local bankers making local loans. Small business and middle market lending comprise the foundation of Commerce’s commercial banking operation. In recent years, Commerce has been the #1 bank for Small Business Administration (SBA) loans in its footprint.
Commerce also has become a leader in commercial real estate and healthcare lending. To further expand its commercial banking services Commerce established “America’s Best Cash Management” product that features Commerce TreasuryDirect and Commerce EscrowDirect.
In keeping with its convenience model and focus on providing customers with a single source for all their financial needs, Commerce launched Commerce Insurance Services, which has grown to become the nation’s 22nd largest insurance brokerage firm, and Commerce Capital Markets, which specializes in wealth management and public finance services.
Commerce, headquartered in Cherry Hill, N.J., currently has assets of more than $40 billion and is listed on the New York Stock Exchange under the symbol CBH. Commerce has produced a compounded ten-year shareholder return of 28%.
Corporate Citizen and Neighbor
Commerce Bank, known as “America’s Most Convenient Bank,” not only brings unparalleled convenience and quality financial services to an area, it also gives back to the community through educational programs, volunteers and donations. A staunch commitment to active involvement in the local community is a vital element of the Commerce philosophy.
Commerce has provided funding and financial assistance to various non-profit organizations, educational institutions and community, arts, civic and health-related programs, many of which focus on children and families. The bank is also actively involved with local chambers of commerce and economic development organizations in Queens. Commerce has supported, for example, the Queens Council on the Arts, Queens College, the Queens Chamber of Commerce, the Latino Initiative for Better Resources and Empowerment Inc., and the Ridgewood Local Development Corporation.
Peter Meyer, Commerce Bank Senior Vice President and market manager for Queens, said: “Commerce Bank is committed to serving the residents and businesses in Queens, and we are pleased to demonstrate our ongoing commitment to ensure the prosperity and livelihood of our communities and the people who live here.”
Additionally, Commerce is committed to meeting the banking and credit needs of all the communities it serves, including households and neighborhoods in low-to-moderate income areas. Commerce continually supports and participates in various programs that promote sound economic growth and sustainability in low- to moderate-income communities by:
Supplying small business loans, including Small Business Administration (SBA) loans and other economic development loans, which support local business expansion and job creation.
Helping local governments, developers and community-based organizations to provide clean, safe and affordable housing for local residents.
Funding community based services, such as day care centers, Head Start and other educational facilities, medical centers and employment training centers.
Local Bankers, Local Decisions
Commerce Bank combines its community bank roots with the financial strength of a major regional bank to meet the diverse needs of commercial customers. Commerce Bank’s lending professionals are local bankers making local loans, and they establish customer relationships focusing on service and the delivery of individualized financing solutions.
According to Commerce Bank Senior Vice President Peter Meyer, “Commerce business customers enjoy the same convenience, advanced technology and personalized service as retail customers. Business owners and employees can bank during extended hours, seven days a week, in our branches or via the Internet or phone 24 hours a day. And our bankers are experienced in creating customized lending, cash management and other financing solutions for business customers. What’s more, at Commerce, all decisions are made locally, right here in Queens.”
Commerce works with entrepreneurs, merchants, retailers, non-profit entities, healthcare organizations, service professionals, manufacturers, wholesalers and other business customers to develop lending and financial solutions to meet a business owner’s goals. Commerce Bank professionals are well versed in the nuances and special needs of a variety of industries and specialty businesses and have in-depth expertise in many areas.
Small Business
Commerce has consistently ranked high among regional lenders in the industry in both dollar volume and the number of SBA loans made, and the bank surpasses its regional competitors in dollar volume of loans made to minority-, women- and veteran-owned businesses. The bank has supported the growth and prosperity of small businesses by providing more than $1 billion in loans over the last five years.
Earlier this year, Commerce earned U.S. Small Business Administration (SBA) approval for SBA Preferred Lenders Program (PLP) Lending Status in all districts nationwide. With this approval, Commerce has authority across the nation to make loan decisions for customers without obtaining advance approval of loans from SBA regional offices.
Commerce Bank also assists eligible commercial, industrial and non-profit entities in securing low-cost, tax-exempt Industrial Development Authority (IDA) bonds that enhance expansion and foster economic development.
Healthcare
Commerce is the region’s leading healthcare lender and has a growing team of industry professionals dedicated to serving healthcare clients. Commerce healthcare bankers understand the issues critical to healthcare clients and fully understand the implications of operating a healthcare enterprise in a managed care environment.
Non-profit
Commerce bankers have an in-depth understanding of the key funding sources for non-profit organizations and have provided financial solutions for such organizations as the American Cancer Society, among others. Commerce Bank also offers non-profit institutions the banking industry’s most convenient depository services and advanced cash management systems.
Real Estate
Commerce continues to expand the range of financial services provided for real estate projects. The bank’s real estate lending professionals know intimately the risks and opportunities associated with the development, acquisition, construction, sales/leasing and financing of property.
Cash Management Services
Commerce Bank utilizes the industry’s most advanced systems to help customers conveniently manage all their routine cash management functions with Internet-based “point and click” technology. Commerce streamlines a wide variety of cash management and bookkeeping services - such as balance and transaction reporting, payroll, check imaging, wire transfers, account reconcilement, fraud protection, electronic payment services and more - for businesses of any size.
To find out more about how Commerce Bank can help your business, contact your local Commerce Banker toll-free at 888-751-9000.
Commerce Bank Builds Success for Real Estate Customers
Commerce Bank understands the evolving and complex financial issues that affect real estate developers, investors, owners and landlords. Commerce’s bankers can structure financing, insurance and banking solutions to help clients mitigate risks and maximize returns on acquisition, development, construction, sale or lease transactions.
Commerce Bank’s commercial real estate professionals are experienced in crafting virtually every kind of financing and money management solution, for a wide range of loan amounts. Property types include (but are not limited to):
Single- and multi-family residential
Residential tract development
Shopping center and single-tenant retail stores
Office and industrial property
Medical, assisted living and senior care facilities and housing
Affordable housing and community development
Commerce Bank combines its community bank roots with the financial strength of a major regional bank to meet the diverse needs of commercial customers. Commerce Bank’s lending professionals are local bankers making local loans, and they establish customer relationships focusing on service and the delivery of individualized financing solutions. A significant component of the bank’s lending activity, commercial real estate loans constitute approximately one-fifth of the bank’s total loan portfolio and increase 30% on average per year.
Another Commerce FAN! - Magnetic Construction Group
Magnetic Construction Group made the switch to Commerce Bank in 2003, and it has been a great relationship ever since. Anthony Genovese, founder and president of Magnetic Construction Group, says he enjoys banking with Commerce because it is convenient and he likes the way the employees treat customers.
Genovese said that, unlike other banks he’s dealt with, Commerce takes a personal, hands-on approach with customers. Genovese does most of his banking at the Commerce store at Ditmars Boulevard and 31st Street in Astoria. He enjoys working with the store’s manager, Mary Zias, and assistant vice president of business development, John Antzoulis.
“I have a great relationship with Mary, John, and the entire Astoria team,” said Genovese. “Mary is quick to handle any issues for me, and I like that she is confident in her abilities.”
Magnetic Construction Group has been very satisfied as its relationship with Commerce has grown. Genovese says Commerce routinely goes to great lengths to resolve any issues and to meet its customers needs. Commerce is Magnetic Construction Group’s primary bank, which provides the company with such services as lines of credit, deposit accounts, and financing.
Based in Long Island City, N.Y., Magnetic Construction Group is a market leader in construction management and general construction services, specializing in serving the financial services, hospitality, retail and real estate industries.
Affinity Membership Program Benefits Non-Profit Groups
The growth of local non-profit organizations is important to Commerce, because their success enriches the communities where local customers and employees live and work. Commerce Bank’s Affinity Membership Program offers an easy way to raise money for your non-profit organization. There are no costs involved - in fact, it actually pays you to belong!
Here’s how it works:
Commerce will register your organization to be part of the Affinity Membership Program. Then, you invite organization members to open new accounts, or to designate their existing accounts, as part of the program on behalf of your organization. At the end of the year, Commerce Bank will make a cash donation to your organization based upon the average deposit balance held by the participating members.
Members can open an Affinity account as a savings or checking account, a money market fund, a certificate of deposit or a retirement savings account, either as a personal or a business account. Participating members can rest assured that all account information is held in strictest confidence, and no information is shared with other members of the organization. Designated account balances are simply included in the combined total to determine the amount of the annual donation.
You can join the Affinity Membership Program by visiting your local Commerce store, or contacting Commerce to schedule a visit from a local banker (toll-free 1-888-751-9000).
Commerce Bank Ranks Highest in Satisfying Banking Customers in New York
Commerce Bank ranks highest in satisfying banking customers in the New York City metropolitan area, according to the New York region results of the J.D. Power and Associates 2006 Retail Banking Satisfaction Study.
According to J.D. Power and Associates, while New Yorkers tend to be particularly critical of their banking experience, Commerce is a model for other banks to follow. For example, when Commerce customers experience problems, the issue is resolved nearly two days faster than the regional average. Commerce has set the benchmark for satisfying customers in the New York region.
According to the inaugural study, Commerce ranks “Highest in Customer Satisfaction with Retail Banking in New York.” Among banks included in the New York metro region, Commerce receives the highest ratings in five of the six factors, and 73 percent of Commerce customers report never having experienced a problem in their banking interactions with the financial institution - 9 percentage points higher than the New York region average. The study analyzes six factors in measuring customer satisfaction. They are: overall transaction method, accuracy/clarity of account statements, account initiation/product offerings, convenience, fees and problem resolution. Overall, Commerce receives a customer satisfaction index score of 811, based on a 1,000-point scale.
Commerce Bank Chairman and President Vernon Hill credits both Commerce customers and employees for the achievement: “We’re proud to be recognized by J. D. Power and Associates for our service and commitment, and we are grateful to our team members and customers for making us the leader in customer satisfaction. Our 13,000 team members, who are truly the foundation of our success, have enabled us to earn this award, through their personal dedication to delivering a legendary customer experience. Our loyal Fans make us successful and inspire us to deliver our special brand of WOW! service everyday, and we look forward to continuing to serve them.”
Because of its unique corporate culture and innovative leadership, only Commerce delivers WOW! the Customer service - an unparalleled level of personal attention and service that exceeds customer expectations at every point of contact. Each Commerce associate has a personal dedication to going above and beyond for customers to deliver a memorable and positive experience, to the delight and satisfaction of Commerce customers, who are known as “Fans.”
The New York region results of the 2006 Retail Banking Satisfaction Study are based on responses from 3,881 households in the New York metropolitan area regarding their experiences with their primary banking provider. The study was fielded in October and November 2005.
Headquartered in Westlake Village, Calif., J.D. Power and Associates is an ISO 9001-registered global marketing information services firm operating in key business sectors including market research, forecasting, consulting, training and customer satisfaction. The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
Disclaimer: Commerce Bank received the highest numerical score among retail banks in the New York metropolitan area in the proprietary J. D. Power and Associates 2006 Retail Banking Satisfaction Study. Study based on responses from 3,881 New York metropolitan area households measuring 18 providers and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in October and November 2005. Your experiences may vary. Visit jdpower.com/cc
Commerce Customers Can Bank Online En Espanol
To enhance the convenience and user friendliness of its free, award-winning online banking site, Commerce Bank, “America’s Most Convenient Bank,” offers customers a Spanish language version of Commerce Online Banking, www.commerceonline.com.
Commerce recognizes that providing Spanish-speaking customers the opportunity to do full-service banking completely in Spanish is another way to deliver Commerce’s unparalleled level of customer service. Latinos represent the largest minority group in the United States. The U.S. Census reported in 2002 that there were 37.4 million Latinos, or more than one in eight people, in the United States.
Commerce Bank has gained worldwide recognition for reinventing retail banking by providing customers with customer-focused services and is one of just a few banks in the U.S. that provide online banking applications fully in Spanish. Commerce’s Spanish-language site offers the same user friendliness and enhanced functionality as the English version of Commerce Online Banking while providing Spanish-speaking customers the security and confidence of banking online in their native language.
Spanish Site and Service
The Spanish language version of commerceonline.com enables customers to pay bills, transfer money and manage their accounts, absolutely free. And to ensure Spanish-speaking customers have a WOW! experience online, the site also enables them to:
send and receive email messages and inquiries in Spanish to Commerce customer service professionals
access a live Spanish-speaking customer service professional via Commerce’s call center, open 24 hours a day, 365 days a year
read banking product and service information in Spanish
To access the Spanish site, consumers can go to www.commerceonline.com, scroll down to the bottom and click on “En Espanol.”
Checklist for Business Banking
When you choose a bank for your business, you’re choosing a partner for a financial and business management relationship. Before deciding on that partner, be sure to consider your specific needs in relation to each bank’s:
Locations
Hours
Account fees
ATM fees
Cost of checks
Cost of debit cards
Credit card fees
Online banking capabilities
Cash management services
Lending expertise and approval process
Access to your banker and decision makers
Commerce Bank Committed to Growth in Queens
Commerce Bank is committed to providing Queens with convenience, legendary service, personal attention and key locations. In 2006, Commerce plans to open at least three new stores in Queens. On May 23, 2006, Commerce was pleased to provide yet another convenient location for Queens customers. The bank opened its newest store in the borough, at the corner of Myrtle Avenue and Onderdonk Avenue in downtown Ridgewood. Two additional stores are scheduled to open this year in Forest Hills and Kew Gardens.
The bank already provides 10 convenient locations for customers in:
Astoria - Ditmars Boulevard & 31st Street
Astoria - Broadway & Steinway Street
Auburndale - Northern & Francis Lewis Boulevards
Bayside - Northern Boulevard & 216th Street
Forest Hills - Metropolitan & Continental Avenues
Forest Hills - Queens Boulevard & 71st Road
Jackson Heights - Northern Boulevard & 70th Street
Jackson Heights/Downtown - 37th & 74th Avenues
Middle Village - 80th Street & Metropolitan Avenue
Ridgewood - Metropolitan & Fresh Pond Avenues
In 2005 Commerce opened a regional headquarters and training center in Queens. Located above Commerce’s Forest Hill retail store at 71st Road and Queens Boulevard, the 6,500 square-foot space provides offices for about 30 of Commerce Bank’s commercial lenders, cash management employees and administrative staff. The location houses a training center, which serves as an extension of Commerce University, the company’s main corporate training facility in New Jersey. The establishment of a Queens headquarters reflects Commerce’s commitment to building its resources to support the bank’s rapid expansion in the borough in both retail and commercial banking.
