Press Release

Commerce RapidDeposit™ Enhanced by Check 21

November 7, 2004 - Cherry Hill, NJ — Commerce Bank (NYSE: CBH), "America's Most Convenient Bank," has expanded Commerce RapidDepositsm service to include electronic conversion of corporate checks. Commerce RapidDeposit is an electronic deposit process that enables Commerce customers to collect checks — previously only consumer checks — at multiple, geographically distributed locations.

"Our customers will enjoy added convenience now that Commerce RapidDepositsm converts all types of checks," said Tom Gregory, Vice President, Commerce Bank. "Now, making deposits and accounting for payments is easier, particularly in light of the enactment of Check 21, which allows for the truncation of all types of checks."

Commerce RapidDepositsm utilizes technology developed with BankServ, a leading electronic funds transfer provider for the banking industry. A fully automated accounts receivable conversion (ARC) solution, Commerce RapidDepositsm provides customers with an easy and efficient way to convert checks, such as payments for rent, nursing homes and college tuition. These payments are collected on site by depositing them in a dropbox, creating Automated Clearing House (ACH) debits.

The newly-expanded Commerce RapidDepositsm still uses the BankServ platform but now enables subscribers to convert corporate checks to electronic transactions via the use of Remote Image Capture with a single scanning device that can electronically convert a personal or corporate check. Customers select the best option — either ACH ARC or Image Exchange — for clearing items. Not all checks are ARC eligible, so this intelligent, single point of capture frees clients from having to make that decision. Commerce Bank also assists clients in clearing their checks in the most efficient manner.

Commerce RapidDepositsm customer locations are provided with the Commerce RapidDepositsm solution, which includes both desktop scanning/processing equipment and Web-based software from BankServ for capturing check images and converting the checks to ACH ARC items for electronic presentment. Commerce Bank serves many business clients that collect funds at multiple locations or those with dropboxes, including universities, hospitals, retailers, service providers, real estate companies and other businesses.

By using Commerce RapidDepositsm, bank customers can:

- accept payments through an extended window and still receive next day availability
- eliminate the administrative burden of going to the bank daily to make a deposit
- minimize the risk of fraud, because the physical item is removed, in a secure manner,
  from the payment system at the point of deposit
- electronically manage return items and increase collection rates by electronically managing the
  dates of re-presentment for payment of dates of the customer's choosing

"Commerce Bank is one of the few visionary banks that has the foresight and commitment to leverage the latest technology for customer convenience," said Dave Kvederis, President and CEO of BankServ. "They are committed to innovation and unrivaled customer service, and we are delighted to partner with them."

Commerce Bank is one of only 20 financial institutions that are direct members of NACHA — The Electronic Payments Association, which is the leading organization in developing electronic solutions to improve the payments system. NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), e-checks, financial electronic data interchange (EDI), international payments, and electronic benefits transfer (EBT).

About Commerce Bank

Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services with nearly 300 convenient stores in New Jersey, New York, Pennsylvania and Delaware. In 2004, the bank plans to open 50 new locations and create 1,800 new career opportunities throughout its markets. Headquartered in Cherry Hill, N.J., Commerce Bancorp (NYSE: CBH) has $28 billion in assets and, in third quarter 2004, achieved a deposit increase of 34% and earnings per share growth of 25%. Core deposit growth was $2.0 billion during the third quarter of 2004 and $5.3 billion for the first nine months of 2004. For more information about Commerce, please visit the company's interactive financial resource center at www.commerceonline.com.