In Brief: Activists Lobby N.J. Bank's Shareholders

MOUNT LAUREL, N.J. - A coalition of Philadelphia-area community activists is launching another Community Reinvestment Act barrage at Cherry Hill-based Commerce Bancorp, but now it has taken its case to the shareholders.

About 20 representatives of the Neighborhood Economic Survival Coalition handed out fliers to shareholders at Tuesday night's annual meeting accusing Commerce of discriminating against minorities. The meeting was held at the company's training center here.

The fliers also warned shareholders that the Comptroller's office could block future branch openings unless Commerce changes its policy and said the Department of Housing and Urban Development is investigating the bank for violations of the Fair Housing Act.

"We basically wanted to make sure their stockholders were aware of what's going on and get them thinking about it," said Chris A. Schweitzer, director of the Kensington Joint Action Council, a coalition member.

Commerce spokesman David A. Flaherty dismissed the coalition's protest, saying, "We're proud of our 22-year history of meeting the credit needs of everyone we serve, including the low- to moderate-income areas."

The $2.3 billion-asset bank has announced plans to open 50 new branches during the next five years, but the coalition has vowed to protest every application until the CRA record is improved.