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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940
|_| Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
(Print of Type Responses)
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1. Name and Address of Reporting Person*
Bershad Jack R.
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(Last) (First) (Middle)
c/o Blank Rome Comisky & McCauley LLP, One Logan Square
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(Street)
Philadelphia PA 19103-6998
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Commerce Bancorp, Inc. (CBH)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
183-22-6625
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4. Statement for Month/Day/Year
March 5, 2003
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5. If Amendment, Date of Original (Month/Day/Year)
N/A
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|X| Director |_| 10% Owner
| | Officer (give title below) |_| Other (specify below)
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7. Individual or Joint/Group Filing (Check Applicable line)
|X| Form Filed by One Reporting Person
|_| Form Filed by More than One Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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5.
Amount of 6.
4. Securities Owner-
Securities Acquired (A) or Beneficially ship
2A. 3. Disposed of (D) Owned Form: 7.
2. Deemed Transaction (Instr. 3, 4 and 5) Following Direct Nature of
Trans- Execution Code ------------------------------- Reported (D) or Indirect
1. action Date, if (Instr. 8) (A) Transaction(s) Indirect Beneficial
Title of Security Date any ------------ or (Instr. 3 & (I) Ownership
(Instr. 3) (mm/dd/yy) (mm/dd/yy) Code V Amount (D) Price Instr.4) (Instr.4) (Instr.4)
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D
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Common Stock 3/5/03 M 3,514 A $4.40
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Common Stock 3/5/03 F 373 D $41.45 52,709 s/s D Self
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19,776 s/s I By Wife
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.
(Over)
SEC 1474 (9-02)
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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9.
Number 10.
of Owner-
deriv- ship
ative Form
2. Secur- of
Conver- 5. 7. ities Deriv- 11.
sion Number of Title and Amount Bene- ative Nature
or Derivative 6. of Underlying 8. ficially Secur- of
Exer- 3A. 4. Securities Date Securities Price Owned ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Stock Option
Right to Buy $4.40 3/5/03 M V 3,514 5/18/94 5/18/03 Common 0 0 D
** Stock
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Stock Option
Right to Buy $5.37 V 5/24/95 5/24/04 Common 3,344 3,344 D
** Stock
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Stock Option
Right to Buy $5.83 V 6/20/96 6/20/05 Common 3,188 3,188 D
** Stock
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Stock Option
Right to Buy $7.72 V 6/18/97 6/18/06 Common 3,034 3,034 D
** Stock
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Stock Option
Right to Buy $12.82 V 6/17/98 6/17/07 Common 2,890 2,890 D
** Stock
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Stock Option
Right to Buy $20.31 V 6/29/99 6/28/08 Common 34,450 34,450 D
** Stock
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Stock Option
Right to Buy $21.85 V 1/19/00 1/19/09 Common 3,150 3,150 D
** Stock
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Stock Option
Right to Buy $19.29 V 12/21/00 12/21/09 Common 3,150 3,150 D
** Stock
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Stock Option
Right to Buy $30.60 V 1/31/02 1/31/11 Common 6,000 6,000 D
** Stock
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Stock Option
Right to Buy $40.12 V 2/4/03 2/4/12 Common 5,000 5,000 D
** Stock
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5.95% Convertible *** 3/11/02 P 2,000 *** 03/11/32*** Common 1,894*** $50 2,000 D
Trust of Preferred Stock
Securitiies of Commerce
Capital Trust II
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5.95% Convertible *** 3/11/02 P 1,000 *** 03/11/32*** Common 947*** $50 1,000 I Jointly
Trust of Preferred Stock with wife
Securitiies of Commerce
Capital Trust II
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Explanation of Responses:
*Granted under the Company's 1989 and 1998 Stock Option Plans for Non-Employee
Directors, which are each 16b-3 Plans.
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
***Each 5.95% Convertible Trust Preferred Security (each a "preferred security")
is convertible at any time on or after the occurence of the events described
below and prior to 5:00 p.m., New York City time, on the business day
immediately preceding the date of repayment of such preferred security, whether
at stated maturity (i.e. March 11, 2032) or upon redemption, at the option of
the holder thereof, into shares of Commerce Bancorp, Inc.'s common stock at an
initial coversion ratio of 0.9478 shares of Commerce Bancorp, Inc. common stock
for each preferred security, subject to adjustment under certain
Page 2 of 3
9.
Number 10.
of Owner-
deriv- ship
ative Form
2. Secur- of
Conver- 5. 7. ities Deriv- 11.
sion Number of Title and Amount Bene- ative Nature
or Derivative 6. of Underlying 8. ficially Secur- of
Exer- 3A. 4. Securities Date Securities Price Owned ity: In-
cise Deemed Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct
Price 3. Execut- action or Disposed Expiration Date ---------------- Deriv- ing (D) or Bene-
1. of Trans- ion Code of(D) (Month/Day/Year) Amount ative Reported In- ficial
Title of Deriv- action Date if (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner-
Derivative ative Date any 8) 4 and 5) Date Expira- Number ity action(s) (I) ship
Security Secur- (mm/dd/ (mm/dd/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity yy) yy) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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Right to Buy $42.80 2-18-03 *J V 1,250 2/18/04 2/18/03 Common 1,250 -- 1,250 D
** Stock
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Right to Buy $42.80 2-18-03 *J V 1,250 2/18/05 2/18/13 Common 1,250 -- 1,250 D
** Stock
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Right to Buy $42.80 2-18-03 *J V 1,250 2/18/06 2/18/13 Common 1,250 -- 1,250 D
** Stock
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Right to Buy $42.80 2-18-03 *J V 1,250 2/18/07 2/18/13 Common 1,250 -- 1,250 D
** Stock
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Explanation of Responses:
*Granted under the Company's 1989 and 1998 Stock Option Plans for Non-Employee
Directors, which are each 16b-3 Plans.
**Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
/s/ Jack R. Bershad 3/7/03
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**Signature of Reporting Person Date
FORM 4 (continued)
circumstances. The preferred securities are convertible into shares of Commerce
Bancorp, Inc. common stock if: (a) the closing sale price of Commerce Bancorp,
Inc. common stock for at least 20 trading days in a period of 30 consecutive
trading days ending on the last trading day of any calendar quarter beginning
with the quarter ending June 30, 2002 is more than 110% of the preferred
securities conversion price then in effect on the last day of such calendar
quarter, (b) the assigned credit rating by Moody's of the preferred securities
is at or below Bal, (c) the preferred securities are called for redemption
(which may occur on or prior to March 11, 2032), or (d) specified corporate
transactions have occurred as set forth in the Indenture dated March 11, 2002
between Commerce Bancorp, Inc. and The Bank of New York, as Debenture Trustee.
Note: File three copies of this Form, one of which must be manually signed.
If space provided is unsufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB control number.