Commerce Bancorp of Cherry Hill, N.J., has hired Fred C. Sears 2d to be president of Commerce Bank Delaware, a start-up scheduled to open its first branch this spring.
The company plans to open two more branches in Delaware this year and 10 to 15 in the next few years.
Mr. Sears is a 30-year veteran of Delaware banking. For the last 10 he was executive vice president of Beneficial National Bank of Wilmington, in charge of commercial sales, the bank's eight branches, and residential and construction lending. He left last year when Sun National Bank of Delaware bought Beneficial.
Before joining Beneficial he was a vice president of commercial development and private banking at Wilmington Trust.