Cherry Hill, N.J.-based Commerce Bancorp reported $5.5 million in net income for the third quarter, a 47% increase over the $3.7 million the bank earned in the same period last year.

In results reported Friday, the $2.2 billion-asset bank said it earned 59 cents per share. up 37% from the 43 cents it recorded in the third quarter of 1993.

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