================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X} ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ________________ to ________________.
Commission File #0-12874
COMMERCE BANCORP, INC.
(Exact name of registrant as specified in its charter)
New Jersey 22-2433468
(State of other jurisdiction (I.R.S. Employee
of incorporation or organization) Identification Number)
Commerce Atrium
1701 Route 70 East 08034-5400
Cherry Hill, New Jersey (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: 856-751-9000
Securities registered pursuant to Section 12(b) of the Act:
Common Stock New York Stock Exchange
- --------------------- -----------------------------------------------
Title of Class Name of Each Exchange on Which Registered
Securities registered pursuant to Section 12(g) of the Act: None
----------------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report(s), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ____.
Indicate by check mark if disclosure of' delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10- K. [X]
The aggregate market value of voting stock held by non-affiliates of the
Registrant is $2,580,539,000. (1)
----------------------------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the last practicable date.
Common Stock $1.00 Par Value 66,145,263
- ------------------------------- ---------------------------------------------
Title of Class No. of Shares Outstanding as of 2/28/02
----------------------------
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference from the
Registrant's Proxy Statement for the 2002 Annual Meeting of Shareholders.
- ----------------------------
(1) The aggregate dollar amount of the voting stock set forth equals the number
of shares of the Registrant's Common Stock outstanding reduced by the amount of
Common Stock held by officers, directors, and shareholders owning in excess of
10% of the Registrant's Common Stock multiplied by the last sale price for the
Registrant's Common Stock on February 28, 2002. The information provided shall
in no way be construed as an admission that the officer, director, or 10%
shareholder in the Registrant may be deemed an affiliate of the Registrant or
that he is the beneficial owner of' the shares reported as being held by him,
and any such inference is hereby disclaimed. The information provided herein is
included solely for the recordkeeping purpose of the Securities and Exchange
Commission.
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EXPLANATORY NOTE
This Amendment to the Registrant's Annual Report on Form 10-K for the year
ended December 31, 2001, as filed with the Securities and Exchange Commission on
March 6, 2001, is being filed to provide the financial disclosure required by
the Securities and Exchange Commission Form 11-K for the Commerce Bancorp, Inc.
401(K) Retirement Plan.
COMMERCE BANCORP, INC.
401(K) RETIREMENT PLAN
Financial Statements and Supplemental Schedule
Years ended December 31, 2001 and 2000 with Report of Independent Auditors
Commerce Bancorp, Inc. 401(k) Retirement Plan
Financial Statements and Supplemental Schedule
Years ended December 31, 2001 and 2000
Contents
Report of Independent Auditors..............................................1
Audited Financial Statements
Statements of Assets Available for Benefits.................................2
Statements of Changes in Assets Available for Benefits......................3
Notes to Financial Statements...............................................4
Supplemental Schedule
Schedule of Assets (Held at End of Year)....................................8
Report of Independent Auditors
Board of Directors
Commerce Bancorp, Inc.
We have audited the accompanying statements of assets available for benefits of
the Commerce Bancorp, Inc. 401(k) Retirement Plan (the Plan) as of December 31,
2001 and 2000, and the related statements of changes in assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets available for benefits of the Plan at December
31, 2001 and 2000 and the changes in its assets available for benefits for the
years then ended, in conformity with accounting principles generally accepted in
the United States.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2001, is presented for purposes of
additional analysis and is not a required part of the financial statements but
is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
/s/ Ernst & Young, LLP
Philadelphia, Pennsylvania
June 14, 2002
1
Commerce Bancorp, Inc. 401(k) Retirement Plan
Statements of Assets Available for Benefits
December 31
2001 2000
------------------ -------------------
Assets
Investments, at fair value $52,607,334 $ 49,215,121
Contributions receivable:
Participant 230,893 -
Employer 572,942 -
------------------ -------------------
803,835 -
Assets available for benefits $53,411,169 $ 49,215,121
================== ===================
See accompanying notes.
2
Commerce Bancorp, Inc. 401(k) Retirement Plan
Statements of Changes in Assets Available for Benefits
Year ended December 31
2001 2000
------------------ -------------------
Additions:
Contributions:
Participant contributions $ 5,331,117 $ 3,463,961
Employer match contributions 2,093,100 -
Rollovers and transfers in from other plans 1,088,663 1,575,296
------------------ -------------------
Total contributions 8,512,880 5,039,257
Investment income:
Net realized and unrealized appreciation in fair value of
investments 635,224 6,739,741
Interest and dividends 674,704 668,783
------------------ -------------------
Total investment income 1,309,928 7,408,524
------------------ -------------------
Total additions 9,822,808 12,447,781
Deductions:
Benefits paid to participants 5,593,246 2,935,912
Other 33,514 8,232
------------------ -------------------
Total deductions 5,626,760 2,944,144
------------------ -------------------
Net increase 4,196,048 9,503,637
Assets available for benefits:
Beginning of year 49,215,121 39,711,484
------------------ -------------------
End of year $ 53,411,169 $ 49,215,121
================== ===================
See accompanying notes.
3
Commerce Bancorp, Inc. 401(k) Retirement Plan
Notes to Financial Statements
December 31, 2001
1. Description of Plan
The following description of the Commerce Bancorp, Inc. 401(k) Retirement Plan
(the Plan) provides only general information. Participants should refer to the
Plan agreement for a more complete description of the Plan's provisions.
General
The Plan, established April 1, 1997, is a defined contribution plan covering all
eligible employees of Commerce Bancorp, Inc. (the Company) who have at least six
months of service and are age 21 or older. The Plan is subject to the provisions
of the Employee Retirement Income Security Act of 1974 (ERISA).
Participants of various other employee benefit plans became eligible to
participate in the Plan as a result of the acquisitions by the Company. The net
assets of the other plans were transferred into the Plan during 2001 and 2000,
respectively:
2001 2000
------------------ -------------------
Business Training $ .1 million
Traber & Vreeland $ .9 million
Contributions
Each year, participants may contribute up to 15% of pretax annual compensation
as defined in the Plan up to maximum IRS limitations. Participants may also
contribute amounts representing distributions from other qualified retirement
plans. The Company may, but is not obligated to, contribute a matching
contribution for the plan year as determined on a periodic basis by the board of
directors. In 2001, the Company provided a matching contribution equal to the
employee contribution up to a maximum of 2.5% of the employee's salary.
Participants may direct employer and employee contributions in any of various
fund options offered by the Plan or they may elect to open accounts that allow
participant-directed investments.
4
Commerce Bancorp, Inc. 401(k) Retirement Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
Participant Accounts
Each participant's account is credited with the participant's contributions and
Plan earnings and is charged with an allocation of administrative expenses if
any costs are paid by the Plan. Allocations are based on participant earnings or
account balances, as defined. The benefit to which a participant is entitled is
the benefit that can be provided from the participant's account.
Vesting
Participants are immediately vested in their contributions and all investment
earnings thereon that have been allocated to their accounts.
Participants vest in the Company matching contributions (if any) based on the
following:
Participant's Years of Service Vested Percentage
- ------------------------------------------------------------------------------
Less than 3 None
3 but fewer than 4 20%
4 but fewer than 5 40%
5 but fewer than 6 60%
6 but fewer than 7 80%
7 years or more 100%
Loans
Participants may borrow funds from the Plan subject to requirements of the Plan.
The loans are secured by the balance in the participant's account and bear
interest at a rate commensurate with local prevailing rates as determined by the
Plan administrator. Principal and interest is paid ratably through payroll
deductions.
Payment of Benefits
Benefits are payable upon retirement, death, disability, or termination of
employment. Benefits are distributed to the participant or beneficiary in a
lump-sum payment as provided in the provisions of the Plan. Included in assets
available for benefits at December 31, 2001 and 2000 is $30,000 and $132,000,
respectively, which represents amounts due to participants who have requested
withdrawals.
5
Commerce Bancorp, Inc. 401(k) Retirement Plan
Notes to Financial Statements (continued)
1. Description of Plan (continued)
Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in any previously unvested Company
contributions.
Effective January 1, 2002, the Commerce Bancorp, Inc. Employee Stock Ownership
Plan merged into the Plan. In connection with the merger, $65,944,305 of net
assets were transferred into the Plan during January 2002.
Administrative Costs
Administrative costs of the Plan are paid by the Company, unless the Company
elects to have such costs paid by the Plan. For 2001 and 2000, no administrative
costs were paid by the Plan.
2. Summary of Significant Accounting Policies
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value which is based on net asset
value of shares on the last business day of the plan year for mutual funds and
the last available quoted market price for shares of common stock and debt
securities. The participant notes receivable are valued at their outstanding
balances, which approximate fair value. Purchases and sales of securities are
recorded on a trade-date basis. The cost of investments sold is determined on an
average historical cost basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
that affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
6
Commerce Bancorp, Inc. 401(k) Retirement Plan
Notes to Financial Statements (continued)
3. Investments
The Plan's mutual funds are administered by Provident Mutual Life Insurance
Company. The Commerce Bancorp, Inc. Common Stock and self-directed accounts are
administered by Janney Montgomery Scott. During the years ended December 31,
2001 and 2000, the Plan's investments appreciated (depreciated) in fair value as
determined by quoted market prices as follows:
Year ended December 31
2001 2000
---------------------------------------
Mutual funds and pooled accounts $ (1,011,155) $ (609,083)
Commerce Bancorp, Inc. Common Stock 1,351,506 3,333,799
Self-directed accounts 294,873 4,015,025
---------------------------------------
$ 635,224 $ 6,739,741
=======================================
Investments that represent 5% or more of the fair value of the Plan's assets are
as follows:
December 31
2001 2000
---------------------------------------
Commerce Bancorp, Inc. Common Stock $ 26,075,870 $ 23,819,573
Provident Domestic Aggressive Fund 5,216,624 5,063,420
Provident Domestic Moderate Fund 2,868,261 -
4. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service
dated October 17, 1998, stating that the Plan is qualified under Section 401(a)
of the Internal Revenue Code (the Code) and, therefore, the related trust is
exempt from taxation. The plan has been amended since receiving the
determination letter. Once qualified, the Plan is required to operate in
conformity with the Code to maintain the qualification. The Plan administrator
believes the Plan is being operated in compliance with the applicable
requirements of the Code and, therefore, believes that the Plan is qualified and
the related trust is tax-exempt.
7
Commerce Bancorp, Inc. 401(k) Retirement Plan
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year)
Description of investment,
including maturity date,
Identity of Issue, Borrower, rate of interest, par or Current
Lessor or Similar Party maturity value Value
- ---------------------------------------------------------------------------------------------------------------------------
Commerce Bancorp, Inc.* 662,834 shares $26,075,870
Mutual Funds and Pooled Accounts
Provident Stable Value Fund 1,727,353 units 2,146,316
Provident Global Aggressive Fund 132,779 units 1,980,207
Provident Domestic Aggressive Fund 359,796 units 5,216,624
Provident Domestic Moderate Fund 182,204 units 2,868,261
Provident Domestic Conservative Fund 63,574 units 876,048
Deutsche Equity 500 IX Fund 107,048 units 1,011,266
American Ultra Fund 124,666 units 1,039,306
Janus Adviser WW GW Fund 133,383 units 1,298,904
Fidelity VIP II Contra Fund 101,218 units 973,284
Fixed Income Fund 2,287 units 2,287
----------------
17,412,503
Self-Directed Accounts
Alliance Capital Reserves 2,449,790 units 2,449,790
AIM Basic Value Fund 832 units 22,773
Ft Unit 532 10 Uncommn 9,137 units 81,959
Massachusetts Investors Growth Class B 24,849 units 299,185
Massachusetts Investors Growth Class C 25 units 301
MFS Bd Fund Class B 4,527 units 55,906
MFS Govt LTD Mat Fund 8,446 units 70,103
MFS Ser TR 1 2,386 units 46,141
Munder FDS Future Tech CL II 1,000 units 4,260
Munder FDS Inc. Intl Netnet FD CL II 1,000 units 2,530
Nuveen Eqty Port 01 UT Peroni Grwth Prt Mid Yr 2,979 units 30,743
Nuveen Eqty Port UT 2001 Peroni Top Ten Picks 15,550 units 120,512
Pilgrim Mut Fds Worldwide Growth FD CL B 492 units 9,133
Pimco FDS Low Duration FD CL C 958 units 9,647
Pimco FDS Multi Mgr Ser Small Cap Value CL C 320 units 6,157
Rydex Ser TR US 71 units 4,883
Selected Amer Shs Inc. 281 units 8,703
Acclaim Entertainment 500 shares 2,650
8
Commerce Bancorp, Inc. 401(k) Retirement Plan
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year) (continued)
Description of investment,
including maturity date,
Identity of Issue, Borrower, rate of interest, par or Current
Lessor or Similar Party maturity value Value
- ---------------------------------------------------------------------------------------------------------------------------
ADC Telecomm, Inc. 200 shares 920
Allete Com 550 shares 13,860
Alpha Pro Tech LTD 1,000 shares 880
American Express Company 800 shares 28,552
American Tower Corp. 250 shares 2,368
Ametek Inc. 250 shares 7,973
AOL Time Warner Inc. 8,285 shares 265,948
Aphton Corp. 100 shares 1,460
Applera Corp. 67 shares 1,788
Applied Materials Inc. 500 shares 20,050
Ariba Inc. 2,000 shares 12,320
Artesian Res Corp 1,000 shares 30,940
Arthur J Gallagher & Co. 100 shares 3,449
Astec Industries Inc. 200 shares 2,892
At Home Corp. Ser A 500 shares 3
AT&T Corp. 1,737 shares 31,509
AT&T Wireless Group 1,058 shares 15,203
Avaya Inc. 49 shares 595
B M C Software Inc. 300 shares 4,911
Bio Technology Gen Corp. 500 shares 4,115
Black and Decker Corp. 200 shares 7,546
Bristol Myers Squibb Co. 900 shares 45,900
Calpine Corp. 250 shares 4,197
Campbell Soup Co. 400 shares 11,948
Captaris Inc. 1,000 shares 3,690
Cell Pathways Inc. 250 shares 1,740
Cendant Corp. 1,000 shares 19,610
Chevrontexaco Corp. 242 shares 21,686
Children's Place Retail Stores 100 shares 2,715
Cisco Systems, Inc. 23,000 shares 416,530
Citigroup, Inc. 504 shares 25,442
Citrix Systems Inc. 4,000 shares 90,640
CMGI Inc. 500 shares 815
Coca-Cola Company 200 shares 9,430
Commerce One Inc. Del 200 shares 714
Commonwealth Bancorp, Inc. 500 shares 11,075
9
Commerce Bancorp, Inc. 401(k) Retirement Plan
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year) (continued)
Description of investment,
including maturity date,
Identity of Issue, Borrower, rate of interest, par or Current
Lessor or Similar Party maturity value Value
- ---------------------------------------------------------------------------------------------------------------------------
Compaq Computer Corp. 700 shares 6,832
Conseco, Inc. 900 shares 4,014
Corning, Inc. 3,500 shares 31,220
Covad Communications Group Inc. 250 shares 715
Dell Computer Corp. 8,000 shares 217,440
Diversinet Corp. 1,000 shares 1,220
Doubleclick, Inc. 1,525 shares 17,293
Dow Chemical Company 500 shares 16,890
Duke Energy Corp. 300 shares 11,778
Dycom Industries, Inc. 500 shares 8,355
E M C Corp Mass 250 shares 3,360
Eaton Vance Income Trust 10,000 shares 78,600
Electronics Boutique Hldgs Corp. 500 shares 19,970
Enron Corp. 500 shares 300
Ericsson L M Tel Co. 1,100 shares 5,742
Esoft Inc. 2,000 shares 1,620
Europe FD Inc. 200 shares 2,080
Exodus Commns Inc. 4,100 shares 160
Exxon Mobile Corp. 500 shares 19,650
First Keystone Financial 100 shares 1,393
Ford Motor Co New 700 shares 11,004
Foster Wheeler LTD 1,000 shares 5,100
Fourthstage Tech Inc. 666 shares 147
Franklin Resources Inc. 500 shares 17,635
Gadzoox Networks Inc. 200 shares 140
Gemstar TV Guide Intl Inc. 100 shares 2,770
General Electric Co 5,302 shares 212,504
Genl Amer Invtrs Co. Inc. 122 shares 4,083
Gereral Motors Corp. New CL H 159 shares 2,457
Global Crossing LTD 4,250 shares 3,570
Halliburton Co. 1,250 shares 16,375
Harley Davidson, Inc. 510 shares 27,698
Healthcare Recoveries, Inc. 500 shares 2,300
Hearx Ltd. 100 shares 80
Heilig Meyers, Co. 765 shares 3
Hewlett-Packard Company 200 shares 4,108
Hilton Hotels Corp. 700 shares 7,644
Home Depot, Inc. 1,972 shares 100,591
Immunex Corp. 250 shares 6,928
10
Commerce Bancorp, Inc. 401(k) Retirement Plan
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year) (continued)
Description of investment,
including maturity date,
Identity of Issue, Borrower, rate of interest, par or Current
Lessor or Similar Party maturity value Value
- ---------------------------------------------------------------------------------------------------------------------------
Indymac Bancorp, Inc. 500 shares 11,690
Infospace Inc. 1,000 shares 2,050
Intel Corp. 3,700 shares 116,365
Intl Business Mach Corp 72 shares 8,709
Invacare Corp. 100 shares 3,371
ITXC Corp. 1,800 shares 12,942
J P Morgan Chase & Co. 500 shares 18,175
Jagnotes.Com Inc. 2,000 shares 560
JDS Uniphase Corp. 2,048 shares 17,776
Johnson & Johnson Common 100 shares 5,910
Juniper Networks Inc. 2,000 shares 37,900
Kensey Nash Corp. 500 shares 9,000
Kraft Foods CL A 400 shares 13,612
Lifecell Ind 500 shares 1,135
LSI Logic Corp. 1,000 shares 15,780
Lucent Technologies 4,500 shares 28,350
Macromedia Inc. 250 shares 4,450
MBNA Corp. 150 shares 5,280
McDonalds Corp. 500 shares 13,235
Medtronic, Inc. 300 shares 15,363
Merck & Co. 1,000 shares 58,800
Meritor Savings Bank 1,000 shares 1,630
Merrill Lynch & Co., Inc. 500 shares 26,060
Metromedia Fiber Ntwk Inc CL A 1,000 units 440
Mevc Draper Fisher Jurvetson Fund I Inc. 3,250 units 32,435
Microsoft Corporation 5,542 shares 367,158
Minnesota Mining & Mfg Co. 100 shares 11,821
Morgan Stanley Dean Witter & Co. 500 shares 27,970
Morgan Stanley Dean Witter Energing Markets Inc. 200 units 1,726
NASDAQ-100 Trust SR 1 256 shares 9,961
NCO Group Inc. 250 shares 5,725
Neoforma.com Inc. 50 shares 1,458
Nokia Corp Spons ADR 8,684 shares 213,019
Nortel Networks CRP 500 shares 3,730
Novell Inc. 500 shares 2,295
North Fork Bancorp Inc. 500 shares 15,995
Omi Corp. 300 shares 1,194
Opentv Corp. CL A 723 shares 5,979
Oracle Corp. 6,940 shares 95,841
11
Commerce Bancorp, Inc. 401(k) Retirement Plan
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year) (continued)
Description of investment,
including maturity date,
Identity of Issue, Borrower, rate of interest, par or Current
Lessor or Similar Party maturity value Value
- ---------------------------------------------------------------------------------------------------------------------------
Palm, Inc. 500 shares 1,940
Park Place Entertainment Corp. 700 shares 6,419
Pep Boys Manny Moe & Jack 2,000 shares 34,300
Pepsico Incorporated 200 shares 9,738
Peregrine Pharmeceutical Inc. 500 shares 1,715
Perrigo Co. 500 shares 5,910
PetSmart, Inc. 500 shares 4,920
Pfizer Incorporated 225 shares 8,966
Pharmacia Corp. 450 shares 19,193
Phil Suburban Corp. 781 shares 17,612
PMC-Sierra Inc. 25 shares 532
Premier Laser Systems 9,000 shares 27
Progress Financial Corp. 1,050 shares 7,875
Pumatech, Inc. 1,000 shares 2,580
Qlogic Corp. 527 shares 23,457
Qualcomm Inc. 250 shares 12,625
Rag Shops, Inc. 1,000 shares 2,700
Rite Aid Corp. 1,500 shares 7,590
Sabine Rlty TR 500 units 10,905
Safeguard Scientifics Inc. 400 shares 1,400
Saxt Inc. 1,000 shares 30
SBC Communications Inc. 200 shares 7,834
Schlumberger Ltd. 501 shares 27,530
Schwab Charles Corp 150 shares 2,321
Scientific Atlanta, Inc. 1,250 shares 29,925
Scudder New Asia FD Inc. 200 shares 1,692
Siebel Systems Inc. 50 shares 1,399
Silver Standard Res Inc. 500 shares 1,325
Sk Telecom Ltd Ard 100 shares 2,162
Solectron Corp. 461 shares 5,200
Sonicblue Inc. 250 shares 1,010
Spartech Corp. 500 shares 10,275
Spectrum Control Inc. 700 shares 3,675
Speechworks Intl Inc. 95 shares 1,069
St Jude Medical Inc. 400 shares 31,060
Standard & Poors Depository Receipts 150 shares 17,145
Storage Technology 400 shares 8,268
Strategic Solutions Group 500 shares 40
Sun Microsystems Inc. 6,220 shares 76,506
12
Commerce Bancorp, Inc. 401(k) Retirement Plan
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year) (continued)
Description of investment,
including maturity date,
Identity of Issue, Borrower, rate of interest, par or Current
Lessor or Similar Party maturity value Value
- ---------------------------------------------------------------------------------------------------------------------------
Sunbeam Corp. 125 shares 6
Synopsys Inc. 500 shares 29,535
Tellabs Inc. 200 shares 2,992
Texas Instruments, Inc. 350 shares 9,800
Thistle Group Holdings 20,615 shares 202,027
Toll Brothers, Inc. 100 shares 4,390
Tommy Hilfiger Corp. 250 shares 3,438
Transocean Sedco Forex Inc. 96 shares 3,247
Trex Inc. 250 shares 4,748
Tyco Intl LTD 100 shares 5,890
Union Community Bancorp 1,700 shares 23,460
Union Planters Corp. 500 shares 22,565
United Parcel Svc Inc. 100 shares 5,450
Unity Bancorp, Inc. 1,000 shares 6,500
Universal Display Corp. 1,250 shares 11,375
Usinternetworking Inc. 500 shares 100
Viatel Inc. 300 shares 6
Wal-Mart Stores Inc. 1,100 shares 63,305
Walt Disney Company 2,550 shares 52,836
Webb Interactive Svcs 200 shares 142
Widecom Group Inc. 625 shares 25
Worldcom Inc. GA New MCI Group 18 shares 229
Worldcom Inc. Worldcom Group 52 shares 732
Worldgate Commn Inc 1,550 shares 3,875
Xerox Corp 1,000 shares 10,420
Xilnx Inc. 100 shares 3,905
Yardville Natl Bancorp 150 shares 1,875
Zeroplus.com Inc. 4,400 shares 7
Bank America Corp Sub Notes $100,000 principal, 8.375%
due March 15, 2002 101,174
Cit Group Inc. Sr. Notes $100,000 principal, 7.125%
due October 15, 2004 105,838
Delaware River Port Auth $50,000 principal, 5.940%
due January 1, 2003 51,119
Federal Home Loan Bank $25,000 principal, 7.25%
due February 10, 2005 26,320
Federal Home Loan Bank Strips $100,000 principal, 9.5%
due February 25, 2003 96,512
13
Commerce Bancorp, Inc. 401(k) Retirement Plan
Schedule H, Line 4i -
Schedule of Assets (Held at End of Year) (continued)
Description of investment,
including maturity date,
Identity of Issue, Borrower, rate of interest, par or Current
Lessor or Similar Party maturity value Value
- ---------------------------------------------------------------------------------------------------------------------------
Federal Natl Mtg Assn $250,000 principal, 6.5%
due August 15, 2004 267,421
General Motors Accpt Corp. $250,000 principal, 7.75%
due January 19, 2010 256,983
General Motors Accpt Corp. $100,000 principal, 7.48%
due February 28, 2003 103,884
Middlesex County NJ Gen $100,000 principal, 6.20%
due June 15, 2012 100,128
U. S. Treasury Strips $320,000 principal,
due November 15, 2005 274,700
----------------
8,713,278
Participant contribution receivable 230,893
Employer contribution receivable 572,942
Loans receivable from participants,
with interest rates ranging from 8.75% to 10.15% 405,683
----------------
$53,411,169
================
* Indicates Party-in-interest to the Plan
"Cost" is not required for Participant Directed Accounts
14
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange of 1934, the Registrant has duly caused this Amendment No. 1 to its
Annual Report of Form 10-K for the year ended December 31, 2000 to be signed on
its behalf by the undersigned thereunto duly authorized.
COMMERCE BANCORP, INC.
Date: June 28, 2002 By: /s/ Douglas J. Pauls
-----------------------------
Douglas J. Pauls
Senior Vice President and
Chief Accounting Officer