WATER DOLLARS
3/28/2007 4:50:21 PM by David Morris
John Tolomer of Commerce Bank is expanding his institution’s scope with marine-friendly financing for water enthusiasts the world over.
Riding the customer-focused wave that has earned them Consumer Reports’ highest satisfaction rating, New Jersey-based Commerce Bank is reaching out to those who enjoy the boating lifestyle.
“I can’t tell you how many times I’ve seen a client standing in the lobby of one of our stores and shouting out loud, ‘I love this bank!’” John Tolomer, President of Commerce Bank in Florida, smiles as he observes the reaction to this anecdote. But the facts bear him out: the institution’s 30 years of convenience-driven service is reflected in an ease of doing business that is mirrored by Tolomer’s personable approach. Open seven days a week, 361 days a year, the bank’s 450 branches are being augmented by a rapid increase in its South Florida locations. And knowing the proliferation of boaters here, Tolomer means to make a big splash with Commerce’s marine lending facilities.
Todd Mutschler, Vice president in charge of the program explains: “We provide convenient, personalized boat loans with a quick approval process, for all types of boats — from small powerboats to sailboats and yachts.” Commerce claims the lowest interest rate in the industry and special terms for Florida residents. Approval process is usually only 24 hours, with applications processed online, via the telephone or on-location, in each case with a personal banker on hand.
Tolomer emphasizes that Commerce’s retail model is unique. “We don’t act like a ‘bank’— we see ourselves as a store, so our customers, no matter how big or small they are, are absolutely precious to us. You’ll see that in the way we respond to every request.”
And all evidence points to the fact that the model has spurred dynamic growth. From its inception in 1973, Commerce, with assets of $43 billion, has expanded from its original base in Marlton, New Jersey to nearly 450 locations throughout Metro New York, Metro Philadelphia, Metro Washington, D.C. and southeast Florida.
The Florida operation, under Tolomer’s leadership from their West Palm Beach headquarters, has a stated commitment to building on its reputation, which includes a #1 ranking in New York from J.D. Power and Associates. “Commerce has established a major commercial banking business that is built on the philosophy of local bankers making local loans,” he points out. “Small business and middle market lending comprise the foundation of Commerce’s commercial banking operation. Commerce is the number one bank for Small Business Administration loans in its footprint.” This augurs well for the area’s many small to medium size marine services companies.
With a menu that includes insurance brokerage, wealth management and public finance services, and a record of commitment to active involvement in the local community, Commerce is banking on boaters to help build its new constituency in the Sunshine State. Tolomer laughs: “Maybe I’ll be able to get out and do some sport fishing while I’m at it.”