NEW JERSEY • PENNSYLVANIA • DELAWARE

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Case Studies

 

Commerce Bank, Philadelphia Market

500-Branch Expansion for Commerce Bank

Situation:

Commerce Bank was aiming for rapid expansion from 30 branches in southern New Jersey to almost 500 branches from Washington, D.C., to New York City. While at Interstate Commercial Real Estate, Robert Hill was the partner in charge of opening about 100 branches in Bucks, Montgomery, Delaware and Chester counties in Pennsylvania, in southern New Jersey and in northern Delaware. Serving as the de facto real estate department, Hill and other partners served as an extension of Commerce’s real estate department. The team opened almost 500 branches, with more than 400 of these sites being new prototypical free-standing branches. All with Commerce having just two in-house real estate staff members.

Execution:

Once given the target counties, Hill identified the specific Pennsylvania communities for exploration and developed the final strategic plan with demographics and competitive analysis. Once approved by senior management, Hill executed the site identification and acquisition and worked with other senior partners to secure land development approvals for more than 100 sites.

Result:

Commerce Bank (now TD Bank) now operates more than 100 branches in the region, and these locations are the most highly-visited customer branches, with the highest deposits, in the Philadelphia banking market.