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Garden State Bank Sheds Most Of Its Insurance Business

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A group led by executives in the insurance brokerage business at Commerce Bancorp Inc. has completed the purchase of most of Commerce Bancorp’s insurance brokerage business.

The group bought the employee benefits lines of the Commerce Insurance Services unit along with the commercial property-casualty lines and several other lines, according to Commerce Bancorp, Cherry Hill, N.J.

The deal did not include the insurance unit’s retail personal lines business.

The price of the deal was not immediately available, but George Norcross III, who has been chairman of Commerce Insurance Services, and Michael Tiagwad, president of the unit, led the group that bought the operations, and they will keep their current positions, Commerce Bancorp says.

Toronto-Dominion Bank, Toronto, announced plans in October 2007 to acquire Commerce Bancorp. Commerce Bancorp decided to sell the insurance services unit as a result of the Toronto-Dominion acquisition, Commerce Bancorp says.


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