Commerce Bank Doubles Scholarship Dollars for Area Students

CHERRY HILL, N.J., Feb. 15 /PRNewswire-FirstCall/ -- Commerce Bank announced today that it has launched the Commerce Bank American Dream Scholarship program, which awards $200,000 annually to local graduating seniors who achieve both academic excellence and serve the community.

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"Commerce is committed to developing programs and activities that support students and education, contribute to the growth of strong communities, and impact lives," said Vernon Hill II, Chairman and Founder Commerce Bank. "We are proud to support these students in their quest to achieve an education, improve their community and realize the 'American Dream.'"

Students and parents are searching for alternatives to financing college as education costs increase by double digits. The College Board finds that tuition and fees at four-year college and universities are up 11 percent from a year ago and 40 percent higher now than a decade ago. According to the Advisory Committee on Student Financial Assistance, cost issues prevent 48 percent of college-qualified high school students from attending a four-year institution and 22 percent from attending any college at all.

Scholarships will be awarded to students residing within the bank's market area of nearly 320 stores in four states. The new American Dream program replaces Commerce's previous scholarship program and increases each recipient's funding from $500 to $1000.

Commerce Bank has partnered with Scholarship America, a national nonprofit and the nation's largest organization of scholarship programs, to administer the program. Scholarship America has distributed more than $1 billion to nearly one million students through its scholarship and other support programs since its founding in 1958.

Student applications will be evaluated for accomplishments in and out of the classroom. Scholarship winners will be selected for academic achievement, goals and aspirations, demonstrated leadership, participation in community service activities, work experience, and recommendations.

Applicants must: -- Be graduating high school seniors, residing in a county served by Commerce Bank -- Plan to enroll in a full-time undergraduate course of study at an accredited two- or four-year college, university or vocational- technical school in the United States -- Have a cumulative high school grade point average of 3.0 (based on a 4.0 scale) or equivalent -- Demonstrate involvement in community service, volunteerism, school activities and/or employment responsibilities

Candidates can submit applications from February 15, 2005 through April 1, 2005. Applications will be available beginning February 1 at all Commerce Bank locations. To find a Commerce store, visit http://www.commerceonline.com/. Questions regarding the Commerce Bank American Dream Scholarship should be directed to Scholarship America at 507-931-1682. Whenever calling Scholarship America, please refer to the Commerce Bank program.

A staunch commitment to active involvement in the local community is another vital element of the Commerce philosophy. Overall, Commerce Bank's Corporate Giving Program has contributed more than $38 million - an average of 5,000 contributions each year - to nonprofit organizations, helping improve the quality of life of the people living in the communities served by the bank. Over the last three years, Commerce has donated an average of three percent of its pre-tax income to beneficiaries - nearly double Corporate America's average of 1.6%, according to the Giving USA Foundation's 2004 annual report on philanthropy. Commerce Bank provides financial and other support to educational, arts, community, human service and health-related programs, many of which focus on improving the welfare of children and families.

About Commerce Bank

Commerce Bank, "America's Most Convenient Bank(R)," is a leading retailer of financial services with more than 320 convenient stores in New Jersey, New York, Pennsylvania and Delaware. Headquartered in Cherry Hill, N.J., Commerce Bancorp has more than $30 billion in assets and, in 2004, achieved a deposit increase of 34% and earnings per share growth of 26%. For more information about Commerce, please visit the company's interactive financial resource center at commerceonline.com

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