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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)
________________________________________________________________________________
1. Name and Address of Reporting Person*
DiFlorio Dennis M.
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(Last) (First) (Middle)
Commerce Bancorp, Inc. 1701 Route 70 East
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(Street)
Cherry Hill NJ 08034
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Commerce Bancorp, Inc. (CBH)
________________________________________________________________________________
3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
________________________________________________________________________________
4. Statement for Month/Day/Year
March 20, 2003
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5. If Amendment, Date of Original (Month/Day/Year)
________________________________________________________________________________
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
|_| Director |_| 10% Owner
|X| Officer (give title below) |_| Other (specify below)
(Executive Vice President)
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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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Common Stock 102,022 s/s D
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Common Stock 25,638 s/s I Wife
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Common Stock 3/20/03 *J 15 s/s A $38.61 891 s/s D Drip
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Common Stock 2,330 s/s D IRA- Drip
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Common Stock 17,231 s/s D ESOP-
Allocation
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Over)
(*J Purchase under DRIP)
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
(Over)
Persons who 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. 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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Right to Buy $4.39 12/31/94 12/31/03 Common 33,874 -- 33,874 D
** Stock
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Right to Buy $5.87 01/02/96 01/02/05 Common 62,674 -- 62,674 D
** Stock
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Right to Buy $6.89 01/02/97 01/02/06 Common 63,812 -- 63,812 D
** Stock
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Right to Buy $9.57 12/18/97 12/18/06 Common 75,964 -- 75,964 D
** Stock
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Right to Buy $16.10 12/16/98 12/16/07 Common 72,340 -- 72,340 D
** Stock
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Right to Buy $20.30 6/29/98 6/29/07 Common 274 -- 274 D
** Stock
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Right to Buy $21.85 12/15/99 12/15/08 Common 55,120 -- 55,120 D
** Stock
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Right to Buy $19.28 12/21/00 12/21/09 Common 104,898 -- 104,898 D
** Stock
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Right to Buy $30.60 01/31/02 1/31/11 Common 100,273 -- 100,273 D
** Stock
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Right to Buy $40.12 02/4/03 02/4/12 Common 75,000 -- 75,000 D
** Stock
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5.95% Convertible (1) (1) 3/11/32 Common 1,895 2,000 D
Trust Preferred (1) Stock
Securities of
Commerce Capital Trust II
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Explanation of Responses: Explanation of Responses: (1) Each 5.95% Convertible Trust
Preferred Security (each a "preferred security") is convertible at any time on
or after the occurrence 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 conversion ratio of 0.9478
shares of Commerce Bancorp, Inc. common stock for each preferred security,
subject to adjustment under certain 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.
** Granted under the Company's 1984, 1994 and 1997 Employee Stock Option Plans,
which are 16b-3 plans.
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 2/18/04 2/18/03 Common 18,750 -- 18,750 D
** Stock
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Right to Buy $42.80 2-18-03 2/18/05 2/18/13 Common 18,750 -- 18,750 D
** Stock
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Right to Buy $42.80 2-18-03 2/18/06 2/18/13 Common 18,750 -- 18,750 D
** Stock
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Right to Buy $42.80 2-18-03 2/18/07 2/18/13 Common 18,750 -- 18,750 D
** Stock
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Explanation of Responses: (1) Each 5.95% Convertible Trust
Preferred Security (each a "preferred security") is convertible at any time on
or after the occurrence 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 conversion ratio of 0.9478
shares of Commerce Bancorp, Inc. common stock for each preferred security,
subject to adjustment under certain 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.
** Granted under the Company's 1984, 1994 and 1997 Employee Stock Option Plans,
which are 16b-3 plans.
/s/ Dennis M. DiFlorio 3-21-03
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
The filing of this Statement shall not be construed as an admission (a) that the
person filing this Statement is, for the purposes of Section 16 of the
Securities Exchange Act of 1934 (as amended), the beneficial owner of any equity
securities covered by this Statement, or (b) that this Statement is legally
required to be filed by such person.
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, 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 Number.
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