Commerce Bank Elevates Huggins to Senior Management Team

EAST PENNSBORO TOWNSHIP, Pa.--Commerce Bank/Harrisburg, NA, the sole banking subsidiary of Pennsylvania Commerce Bancorp Inc. (NASDAQ:COBH), today announced that D. Scott Huggins, chief risk officer, has been appointed as a member of the bank's senior executive management team.

Huggins joins the following Commerce Bank senior executives: Gary L. Nalbandian, founder, chairman, president and CEO; Mark A. Zody, chief financial officer; Rory G. Ritrievi, chief lending officer; and David B. Skerpon, chief retail officer. Huggins is responsible for all corporate risk management functions including internal audit, compliance and loan review.

"Scott is a valuable asset for our growing organization," said Commerce Bank chairman, president and CEO Gary L. Nalbandian. "We look forward to his leadership as a member of our senior management team. His extensive experience in the critical area of risk management will help guide our company as we achieve further growth and success."

A resident of Lititz, Lancaster County, Huggins previously served as senior vice president and chief auditor for Fulton Financial Corp. He has 34 years of risk management experience.

Huggins is a member of the Institute of Internal Auditors and the Association of Certified Fraud Examiners. He earned his bachelors of science degree in accounting from Albright College.

Commerce Bank/Harrisburg, "America's Most Convenient Bank," opened its first office in Camp Hill, PA, in June of 1985. In the 20 years since, the bank has cultivated a unique retail model that has produced continuous strong growth. The bank has doubled its number of branches in Pennsylvania in recent years, growing a network of 28 stores in Berks, Cumberland, Dauphin, Lebanon and York counties.

Commerce's hallmark products and services include seven-day branch banking, free personal checking, free instant-issue ATM/Visa check card, free interactive Penny Arcade coin-counting machines, free online banking and 24/7 bank-by-phone.

In addition to retail banking, Commerce offers a diverse portfolio of commercial banking services including term loans, commercial mortgages, commercial leasing and lines of credit, and cash management services.

Commerce Bank/Harrisburg currently has assets of $1.5 billion. For more information about Commerce Bank/Harrisburg, visit the bank's web site at commercepc.com.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.