CHERRY HILL, N.J. - Commerce Bancorp said Friday that it had completed its acquisition of Coastal Bank, Ocean City, N.J.
Each Coastal share was exchanged for 0.71 share of Commerce common stock.
Commerce is a $2 billion-asset regional bank holding company with 40 offices in the Philadelphia area. Coastal has assets of about $51 million and owns three banking offices in southern New Jersey.
Philip J. DiBerardino, Coastal's former chairman, president, and chief executive, was named a senior regional vice president of Commerce, overseeing his former bank's offices.