CHERRY HILL, NJ. -- Commerce Bancorp said its unit, Commerce Bank, completed the aquisition of about $210 million of deposits and four branch offices of Anchor Savings Bank, a unit of Anchor Bancorp.
The branches are in Cherry Hill, Bellmawr, and Mantua N.J.
Separately, Commerce Bancorp said it has completed the sale of 23 million in 10-year, 8.375% subordinated notes. The sale included an overallotment option of $3 million.
The company said proceeds will be used for possible future acquisitions and general corporate purposes, including about $14 million to provide equity Capital to Commerce Bank for its recent acquisition.