Commerce Bancorp said its insurance brokerage services unit has been sold as it moves to complete a deal to merge with a Canadian-based bank. Terms of the sale transaction were not released.
The Cherry Hill, N.J.-based firm said Commerce Insurance Services was sold to a group led by George E. Norcross III, the brokerage's chairman, and Michael Tiagwad, Commerce Insurance Services president.
Commerce Bancorp is retaining ownership of its personal lines business.
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