Commerce Insurance Services, a unit of Commerce Bancorp Inc., said Tuesday that it agreed to acquire BK International Insurance Brokers Ltd. of Greenwich, Connecticut.
Financial terms weren't disclosed.
Commerce Bancorp said the acquisition will complement its expansion into Connecticut, where the company will open its first two stores in Norwalk and Fairfield in late July 2005. Commerce plans to open 25 stores in Fairfield County as part of its overall metro New York growth strategy. In all, the Commerce network includes 326 stores serving metro Philadelphia, New York and Washington, D.C.
Established in 1987, BK International provides commercial insurance for accounts throughout the metro New York market as well as other areas of the United States. BKIIB also specializes in employee benefits and provides high-value personal lines insurance.
BK's Chairman and Chief Operating Officer David E. Kimball, Jr. and President and CEO John F. Betz will lead Commerce Insurance's growth in the metro New York market. Other members of BK's executive management team will join them as well.
Shares of Commerce Bancorp rose 41 cents to $29.92 in afternoon trading on the New York Stock Exchange.
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