Pennsylvania Commerce Bancorp Inc. of Camp Hill plans to more than double its branch network, to 55, and boost its deposits to over $4 billion by 2010.
The $1.4 billion-asset company, whose only subsidiary is Commerce Bank/Harrisburg, announced its expansion plans Tuesday. It currently has 25 branches. It reported $1.2 billion of deposits at the end of the first quarter.
Gary L. Nalbandian, the chairman, president, and chief executive officer of Pennsylvania Commerce, said in a press release that it can hit its growth targets by having branches open seven days a week, offering free checking, and providing services such as free coin counting.
A franchise agreement with the larger and better-known Commerce Bancorp Inc. of Cherry Hill, N.J., gives Pennsylvania Commerce rights to a 34-county territory in central and southern Pennsylvania.
It plans to build three branches this year and four to six in each of the next five years. It will enter the Lancaster market next year and is building a new headquarters, operations, and training center that is expected to be completed in January.
