Why buy Commerce with all this going on: Are you not worried about the negative news?
NEW YORK, March 2 (Reuters) - Commerce Bancorp Inc. (CBH.N: Quote, Profile , Research), New Jersey's largest bank, on Friday said it will delay filing its 2006 annual report because of tax accounting issues, and may restate earnings for 2004, 2005 and 2006 lower.
The disclosure comes on top of a probe by the Federal Reserve and the Office of the Comptroller of the Currency into transactions involving the Cherry Hill, New Jersey company, its officers and directors, and related parties. Commerce has 428 branches, mainly in the New York City and Philadelphia regions.
In a U.S. Securities and Exchange Commission filing, Commerce said a restatement may reduce profit per share by 5 cents, or 3 percent, in 2004; 6 cents, or 4 percent, in 2005, and 7 cents, or 4 percent, for 2006. It said operating revenue, costs, deposits and assets would not be affected.