CHERRY HILL, N.J. - Commerce Bancorp earned a record $20.3 million in 1994, up 39% over 1993.

Fourth-quarter net income totaled $4.9 million, up 19% over the same period in 1993.

Commerce paid a 5% stock dividend on Jan. 17, to shareholders of Jan. 2.

Deposits increased 5% to $1.8 billion, while assets increased 13% to $2.3 billion.

Loans increased 14% to $802 million, while nonperforming assets declined to $22.6 million, which is 0.98% of all assets.

Commerce's Tier 1 capital ratio was 9.90%.

The company added five new branches in 1994 and plans to open 10 more in 1995.

Commerce has 44 branches in metropolitan Philadelphia and southern New Jersey.

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