10-K405/A 1 cbc0010ka-1.txt COMMERCE BANCORP 10K/A ================================================================================ 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, 2000 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 of (I.R.S. Employee Identification Number) incorporation or organization) 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 $1,749,057,600.(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 $1.5625 Par Value 31,960,287 ------------------------------ -------------------------------------- Title of Class No. of Shares Outstanding as of 3/2/01 ---------------------------- DOCUMENTS INCORPORATED BY REFERENCE Parts II and IV incorporate certain information by reference from the Registrant's Annual Report to Shareholders for the fiscal year ended December 31, 2000 (the "Annual Report"). Part III incorporates certain information by reference from the Registrant's Proxy Statement for the 2001 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 March 2, 2001. 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. ================================================================================ EXPLANATORY NOTE This Amendment to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2000, as filed with the Securities and Exchange Commission on March 28, 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, 2000 and 1999 with Report of Independent Auditors Commerce Bancorp, Inc. 401(k) Retirement Plan Financial Statements and Supplemental Schedule Years ended December 31, 2000 and 1999 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, 2000 and 1999, 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, 2000 and 1999 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, 2000, 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 June 4, 2001 1 Commerce Bancorp, Inc. 401(k) Retirement Plan Statements of Assets Available for Benefits December 31 2000 1999 ------------------------------------- Assets Investments $ 49,215,121 $ 39,711,484 ------------------------------------- Assets available for benefits $ 49,215,121 $ 39,711,484 ===================================== See accompanying notes. 2 Commerce Bancorp, Inc. 401(k) Retirement Plan Statements of Changes in Assets Available for Benefits
Year ended December 31 2000 1999 ---------------------------- Additions: Participant contributions $ 3,463,961 $ 2,581,835 Rollovers and transfers in from other plans 1,575,296 8,573,482 Investment income: Net realized and unrealized appreciation in fair value of investments 6,739,741 811,311 Interest and dividends 668,783 546,312 ---------------------------- Total additions 12,447,781 12,512,940 Deductions: Benefits paid to participants 2,935,912 2,960,471 Other 8,232 17,704 ---------------------------- Total deductions 2,944,144 2,978,175 ---------------------------- Net increase 9,503,637 9,534,765 Assets available for benefits: Beginning of year 39,711,484 30,176,719 ---------------------------- End of year $49,215,121 $39,711,484 ============================
See accompanying notes. 3 Commerce Bancorp, Inc. 401(k) Retirement Plan Notes to Financial Statements December 31, 1999 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 2000 and 1999, respectively:
2000 1999 ----------------------------------- Traber & Vreeland $ .9 million - 401(k) Plan of Prestige Financial Corp. - $1.8 million 401(k) Plan of Tinton Falls State Bank - .8 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 by the board of directors. The Company has not contributed to the Plan since its inception. 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, 2000 and 1999 is $132,000 and $77,000, 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. 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 2000 and 1999, 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. Debt securities are valued based on available market prices as determined by the administrator. 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, 2000 and 1999, the Plan's investments appreciated (depreciated) in fair value as determined by quoted market prices as follows:
Year ended December 31 2000 1999 ----------------------------------- Mutual funds and pooled accounts ($ 609,083) $ 1,074,776 Commerce Bancorp, Inc. Common Stock 3,333,799 (947,490) Self-directed accounts 4,015,025 684,025 ----------------------------------- $ 6,739,741 $ 811,311 ===================================
Investments that represent 5% or more of the fair value of the Plan's assets are as follows:
December 31 2000 1999 --------------------------------------- Commerce Bancorp, Inc. Common Stock 23,819,573 $ 15,267,852 Provident Domestic Aggressive Fund 5,063,420 5,111,152
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. 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 Identity of issue, borrower, Description of investment, including maturity date, Current lessor or similar party rate of interest, par or maturity value value --------------------------------------------------------------------------------------------------------------------------------- Commerce Bancorp, Inc.* 238,375 shares $23,819,573 Mutual Funds and Pooled Accounts American Century Ultra Fund 66,690 units 653,200 Deutsche Equity 500 IX Fund 35,470 units 382,451 Fidelity VIP II ContraFund 40,682 units 445,836 Janus Aspen Worldwide Growth Fund 74,850 units 923,527 Provident Domestic Aggressive Fund 317,340 units 5,063,420 Provident Domestic Conservative Fund 43,820 units 593,852 Provident Domestic Moderate Fund 145,839 units 2,350,319 Provident Global Aggressive Fund 110,093 units 1,805,506 Provident Stable Value Fund 1,493,936 units 1,790,124 ----------- 14,008,235 Self-Directed Accounts Alliance Capital Reserves 1,618,355 units 1,618,355 First Trust Unit 428 21,902 units 166,379 Franklin Strategic Biotech Discovery Fund A 301 units 21,957 Franklin Strategic Nat Resource Fund CL A 503 units 9,397 Massachusetts Investors Growth Class B 28,864 units 464,703 Mevc Draper Fisher Jurvetson Fund I Inc. 4,250 units 52,063 MFS Fund Class B 4,270 units 52,438 Morgan Stanley Dean Witter Emerging Markets Fund 200 units 1,750 Munder International Netnet Fund CL II 1,000 units 4,940 Munder Future Tech Fund CL II 1,000 units 7,890 Nuveen Equity Port UT 2001 Peroni Top Ten Picks 16,821 units 167,981 Nuveen Equity Port UT Peroni Growth Pt Mid 2000 39,236 units 299,229 Pilgrim Funds Worldwide Growth FD CL B 492 units 12,744 Selected American Shares Inc. 277 units 9,798 Acclaim Entertainment 500 shares 172 ADC Telecomm, Inc. 200 shares 3,625 Agilent Tech Inc. 1,000 shares 54,750 Air Pdts & Chemicals Inc. 152 shares 6,232 Allete Com 550 shares 13,647 Alpha Pro Tech LTD 1,000 shares 1,125 America Online 9,485 shares 330,078 American Express Company 600 shares 32,963 American Tower Corp. 250 shares 9,469 Ametek Inc. 250 shares 6,484 Aperian Inc. 666 shares 437 8 Commerce Bancorp, Inc. 401(k) Retirement Plan Schedule H, Line 4i - Schedule of Assets Held at End of Year (Continued) Identity of issue, borrower, Description of investment, including maturity date, Current lessor or similar party rate of interest, par or maturity value value --------------------------------------------------------------------------------------------------------------------------------- Applied Materials Inc. 500 shares 19,094 Applied Science & Tech Inc. 200 shares 2,400 Ariba Inc. 2,000 shares 107,250 Arrow Intl Inc. 1,000 shares 37,672 Artesian Res Corp 1,000 shares 26,063 Astec Industries Inc. 200 shares 2,638 At Home Corp. Ser A 500 shares 2,766 AT&T Corp. 3,737 shares 64,463 AT&T Wireless Group 500 shares 8,656 Avaya Inc. 266 shares 2,743 AXYS Pharmeceuticals Inc. 500 shares 2,813 B M C Software Inc. 300 shares 4,200 Bio Technology Gen Corp. 500 shares 3,531 Black and Decker Corp. 300 shares 11,775 Carematrix Corp. 111 shares 22 Cell Pathways Inc. 250 shares 1,188 Cendant Corp. 1,000 shares 9,625 Charming Shoppes, Inc. 3,000 shares 18,000 Chevron Corp. 50 shares 4,222 Children's Place Retail Stores 100 shares 2,025 Ciena Corp. 100 shares 8,125 Cisco Systems, Inc. 23,048 shares 881,586 Citigroup, Inc. 504 shares 25,736 Citrix Systems Inc. 4,000 shares 90,000 CMGI Inc. 500 shares 2,797 Coca-Cola Company 200 shares 12,188 Comdisco Inc. 300 shares 3,431 Commerce One Inc. Del 100 shares 2,531 Compaq Computer Corp. 1,200 shares 18,060 Conseco, Inc. 900 shares 11,869 Covad Communications Group Inc. 250 shares 414 Cytogen Corp. 1,000 shares 2,344 Dell Computer Corp. 10,200 shares 177,863 Diversinet Corp. 1,000 shares 2,250 Donegal Group Inc. 4,200 shares 39,900 Doubleclick, Inc. 1,945 shares 21,395 Dow Chemical Company 500 shares 18,313 E M C Corp Mass 250 shares 16,625 Eaton Vance Income Trust 10,000 shares 83,750 Electronics Boutique Holdings Corp. 500 shares 8,750 Enron Corp. 200 shares 16,625 9 Commerce Bancorp, Inc. 401(k) Retirement Plan Schedule H, Line 4i - Schedule of Assets Held at End of Year (Continued) Identity of issue, borrower, Description of investment, including maturity date, Current lessor or similar party rate of interest, par or maturity value value --------------------------------------------------------------------------------------------------------------------------------- Esoft Inc. 5,000 shares 4,688 Europe FD Inc. 200 shares 3,000 Exodus Commns Inc. 200 shares 4,000 First Keystone Financial 100 shares 1,038 First Union Corp. 500 shares 13,906 Ford Motor Co New 262 shares 6,141 Gadzoox Networks Inc. 200 shares 419 Gemstar TV Guide Intl Inc. 100 shares 4,613 General American Investors Co. Inc. 116 shares 4,176 General Electric Co 4,700 shares 225,306 Genreral Motors Corp. New Cl H 159 shares 3,657 Genesis Health Ventures Inc. 2,000 shares 70 Global Crossing LTD 2,250 shares 32,203 Hearx Ltd. 100 shares 138 Heilig Meyers, Co. 765 shares 26 Hewlett-Packard Company 200 shares 6,313 Hilton Hotels Corp. 700 shares 7,350 Home Depot, Inc. 1,972 shares 90,096 Indymac Mortgage Holdings 500 shares 14,750 Infospace Inc. 2,000 shares 17,687 Intel Corp. 5,900 shares 177,369 Intl Business Mach Corp. 72 shares 6,120 Invacare Corp. 100 shares 3,425 Jagnotes.Com Inc. 4,000 shares 760 JDS Uniphase Corp. 2,048 shares 85,376 Juniper Networks Inc. 2,000 shares 252,125 Kensey Nash Corp. 500 shares 5,063 LSI Logic Corp. 1,200 shares 20,508 Lucent Technologies 3,050 shares 41,175 Macromedia Inc. 250 shares 15,188 Main Street Bancorp Inc. 2,000 shares 14,000 MBNA Corp. 150 shares 5,541 Merck & Co. 400 shares 37,450 Meritor Savings Bank 1,000 shares 1,734 Micron Technology Inc. 100 shares 3,550 Microsoft Corporation 6,642 shares 288,097 NASDAQ-100 Trust SR 1 156 shares 9,107 NBC Internet Inc. Cl A 100 shares 350 NCO Group Inc. 250 shares 7,594 Neoforma.com Inc. 500 shares 406 Netspeak Corp. 250 shares 391 10 Commerce Bancorp, Inc. 401(k) Retirement Plan Schedule H, Line 4i - Schedule of Assets Held at End of Year (Continued) Identity of issue, borrower, Description of investment, including maturity date, Current lessor or similar party rate of interest, par or maturity value value --------------------------------------------------------------------------------------------------------------------------------- Nokia Corp Sponsored ADR 8,434 shares 366,879 North Fork Bancorp Inc. 500 shares 12,281 Novell Inc. 500 shares 2,609 Opentv Corp. Cl A 723 shares 7,501 Oracle Corp. 6,640 shares 192,975 Park Place Entertainment Corp. 700 shares 8,356 Peoplesoft Inc. 300 shares 11,156 Pep Boys Manny Moe & Jack 1,000 shares 3,625 Pepsico Incorporated 200 shares 9,913 Peregrine Pharmeceutical Inc. 1,500 shares 1,406 Perrigo Co. 500 shares 4,141 PetSmart, Inc. 500 shares 1,438 Pfizer Incorporated 225 shares 10,350 Pharmacia Corp. 450 shares 27,450 Phil Suburban Corp. 625 shares 15,313 PMC-Sierra Inc. 25 shares 1,966 Premier Laser Systems 9,000 shares 35 Progress Financial Corp. 1,050 shares 7,481 Qlogic Corp. 790 shares 60,830 Qualcomm Inc. 200 shares 16,438 Regent Assisted Living 2,000 shares 1,500 Rite Aid Corp. 1,500 shares 3,563 Safeguard Scientifics Inc. 400 shares 2,650 Saxt Inc. 4,000 shares 320 SBC Communications Inc. 200 shares 9,550 Schlumberger Ltd. 501 shares 40,049 Schwab Charles Corp 150 shares 4,256 Scientific Atlanta, Inc. 1,000 shares 32,563 Scudder New Asia FD Inc. 200 shares 1,863 Siebel Systems Inc. 50 shares 3,381 Sk Telecom Ltd Ard F 100 shares 2,356 Solectron Corp. 461 shares 15,628 Sonicblue Inc. 250 shares 1,031 Sovereign Bancorp 2,000 shares 16,250 Spartech Corp. 500 shares 10,281 Spectrum Control Inc. 700 shares 7,044 Speechworks Intl Inc. 95 shares 4,661 St Jude Medical Inc. 400 shares 24,575 Standard & Poors Depository Receipts 100 shares 13,119 Storage Technology 400 shares 3,600 Strategic Solutions Group 500 shares 40 11 Commerce Bancorp, Inc. 401(k) Retirement Plan Schedule H, Line 4i - Schedule of Assets Held at End of Year (Continued) Identity of issue, borrower, Description of investment, including maturity date, Current lessor or similar party rate of interest, par or maturity value value --------------------------------------------------------------------------------------------------------------------------------- Sun Microsystems Inc. 7,220 shares 201,258 Sunbeam Corp. 125 shares 39 Syms Corp. 3,000 shares 13,688 Synopsys Inc. 500 shares 23,719 Tellabs Inc. 200 shares 11,300 Telocity Inc. 1,000 shares 2,000 Thistle Group Holdings 18,925 shares 151,400 Tommy Hilfiger Corp. 250 shares 2,453 Transocean Sedco Forex F Inc. 96 shares 4,416 Trex Inc. 250 shares 6,297 Union Community Bancorp 1,700 shares 21,250 Union Planters Corp. 500 shares 17,875 United Parcel Svc Inc. 100 shares 5,875 Universal Display Corp. 2,250 shares 16,172 Usinternetworking Inc. 500 shares 2,500 Verticalnet Inc. 300 shares 1,997 Viatel Inc. 300 shares 1,116 Visteon Corp. 19 shares 219 Wal-Mart Stores Inc. 1,100 shares 58,438 Walt Disney Company 900 shares 26,044 Webb Interactive Svcs 200 shares 338 Widecom Group Inc. 625 shares 410 Worldcom Inc. GA New 52 shares 731 Worldgate Commn Inc 1,300 shares 4,956 Xerox Corp 500 shares 2,313 Xilnx Inc. 100 shares 4,613 Yardville Natl Bancorp 150 shares 1,809 Zeroplus.com Inc. 2,400 shares 825 Federal Farm Credit Bank 45,000 principal, 7.00% due September 29, 2003 45,000 Federal Home Loan Bank 25,000 principal, 7.25% due February 10, 2005 25,719 Federal Home Loan Bank 250,000 principal, 7.025% due May 9, 2005 251,719 Federal Home Loan Bank 10,000 principal, 6.25% due May 19, 2004 9,966 Federal Home Loan Bank Bond 50,000 principal, 5.705% due August 28, 2003 50,141 Federal Home Loan Bank Bond 60,000 principal, 4.775% due October 15, 2003 58,744 Federal Home Loan Bank Bond 20,000 principal, 6.00% due February 4, 2004 19,900 Federal Home Loan Bank Bond 15,000 principal, 7.375% due July 26, 2005 15,356 Federal Home Loan Bank Bond 100,000 principal, 7.44% due August 15, 2005 102,563 Federal Home Loan Bank Bond 100,000 principal, 7.00% due November 15, 2005 101,844 Federal Home Loan Bank Bond 100,000 principal, 7.15% due June 28, 2006 100,000 Federal Home Loan Bank Cons Bd 30,000 principal, 6.42% due October 30, 2001 30,131 Federal Home Loan Bank Cons Bd 150,000 principal, 7.125% due August 23, 2004 150,000 12 Commerce Bancorp, Inc. 401(k) Retirement Plan Schedule H, Line 4i - Schedule of Assets Held at End of Year (Continued) Identity of issue, borrower, Description of investment, including maturity date, Current lessor or similar party rate of interest, par or maturity value value --------------------------------------------------------------------------------------------------------------------------------- Federal Home Loan Bank Strips 100,000 principal, 9.5% due February 25, 2003 88,595 Federal Home Loan Mortgage Corp 250,000 principal, 6.60% due December 13, 2001 250,115 Federal Home Loan Mortgage Corp 200,000 principal, 6.00% due January 13, 2004 199,062 Federal National Mortgage Association 50,000 principal, 5.00% due November 5, 2003 49,113 Federal National Mortgage Association 15,000 principal, 5.64% due March 8, 2004 14,874 Federal National Mortgage Association 15,000 principal, 6.00% due April 13, 2004 14,944 Federal National Mortgage Association 10,000 principal, 6.11% due April 26, 2004 9,975 Federal National Mortgage Association 250,000 principal, 6.50% due August 15, 2004 257,265 U. S. Treasury Strips 110,000 principal, due November 15, 2001 104,913 U. S. Treasury Strips 320,000 principal, due November 15, 2005 251,400 Cit Group Inc. Sr. Notes 100,000 principal, 7.125% due October 15, 2004 100,326 Fletcher, NC Revenue Bond 100,000 principal, 9.50% due March 01, 2008 50,760 General Motors Acceptance Corp. Note B/E 250,000 principal, 6.75% due February 7, 2002 248,750 General Motors Acceptance Corp. Note B/E 250,000 principal, 7.75% due January 19, 2010 260,343 ---------- 10,945,202 oans receivable from participants, with interest ates ranging from 8.75% to 10.50%* 442,111 -------------- $ 49,215,121 ============== * Indicates party-in-interest to the Plan "Cost" is not required for participant directed investments 13
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 29, 2001 By: /s/ Douglas J. Pauls ----------------------------- Douglas J. Pauls Senior Vice President and Chief Accounting Officer