In Brief: Commerce of N.J. Posts 31% Gain

July 12, 2001, 1:00 a.m. EDT 1 Min Read

CHERRY HILL, N.J. Commerce Bancorp announced Wednesday that it had record earnings of $25.1 million in the second quarter.

Earnings for the three months rose 31% from the year-earlier period and earnings per share rose 21%, to 74 cents.

Vernon W. Hill 2d, chairman of the $9.3 billion-asset company, said the increase was fueled by growth in low-cost core deposits and its noninterest income. Commerces deposits rose 28%, to $8.4 billion, and noninterest income 33%, mainly from increases in service fees related to the new deposits.

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