[X]
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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[
]
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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A.
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Full
title of the plan and the address of the plan, if different from
that of
the issuer named below:
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B.
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Name
of issuer of the securities held pursuant to the plan and the address
of
its principal executive office:
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Audited
Financial Statements
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Supplemental
Schedule
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December 31
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|||||||
2005
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2004
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||||||
Assets
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|||||||
Investments,
at fair value
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$
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213,069,654
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$
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195,721,040
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|||
Employer
contributions receivable
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1,499,461
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912,832
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|||||
Assets
available for benefits
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$
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214,569,115
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$
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196,633,872
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Year
ended December 31
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|||||||
2005
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2004
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||||||
Additions:
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|||||||
Contributions:
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|||||||
Participant
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$
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15,462,202
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$
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12,078,886
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|||
Employer
match
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5,699,784
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3,327,307
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|||||
Rollovers
and transfers in from other plans
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2,740,344
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2,382,876
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|||||
Total
contributions
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23,902,330
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17,789,069
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|||||
Investment
income:
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|||||||
Net
appreciation in fair value of investments
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10,505,757
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29,334,318
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|||||
Interest
and dividends
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3,440,722
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1,954,460
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|||||
Total
investment income
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13,946,479
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31,288,778
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|||||
Total
additions
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37,848,809
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49,077,847
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|||||
Deductions:
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|||||||
Benefits
paid directly to participants
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19,918,658
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17,418,962
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|||||
Other
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(5,092
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)
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380,000
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||||
Total
deductions
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19,913,566
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17,798,962
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|||||
Net
increase in assets available for benefits
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17,935,243
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31,278,885
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Assets
available for benefits:
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|||||||
Beginning
of year
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196,633,872
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165,354,987
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|||||
End
of year
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$
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214,569,115
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$
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196,633,872
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1.
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Description
of Plan
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1.
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Description
of Plan (continued)
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1.
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Description
of Plan (continued)
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Participant’s
Years of Service
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Vested
Percentage
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Less
than 2
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None
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2
but fewer than 3
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20%
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3
but fewer than 4
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40%
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4
but fewer than 5
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60%
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5
but fewer than 6
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80%
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6
years or more
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100%
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1.
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Description
of Plan (continued)
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2.
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Summary
of Significant Accounting
Policies
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3.
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Investments
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3.
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Investments
(continued)
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Year
ended December 31
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|||||||
2005
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2004
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Mutual
funds
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$
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2,594,418
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$
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-
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|||
Pooled
accounts
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-
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3,878,448
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|||||
Commerce
Bancorp, Inc. Common Stock
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9,154,816
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21,847,860
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|||||
Other
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(1,243,477
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)
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3,608,010
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||||
$
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10,505,757
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$
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29,334,318
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December 31
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|||||||
2005
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2004
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||||||
Commerce
Bancorp, Inc. Common Stock (includes $98.8 million and
$93.6 million in 2005 and 2004, respectively, in
nonparticipant-directed accounts)
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$
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136,756,746
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$
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135,648,889
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|||
American
Funds Growth Fund
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14,354,488
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-
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|||||
Spartan
Market Index
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13,271,342
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-
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|||||
Provident
Domestic Aggressive Fund
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-
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10,130,573
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4.
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Nonparticipant-Directed
Investments
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2005
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2004
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||||||
Investments,
at fair value at January 1
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$
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93,585,094
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$
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81,022,890
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|||
Dividend
income
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1,278,904
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1,150,004
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|||||
Net
appreciation in fair value
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6,433,864
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17,079,498
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|||||
Distributions
to participants
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(2,498,808
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)
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(4,379,859
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)
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|||
Forfeited
shares and dividends
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-
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(1,287,439
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)
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||||
Investments,
at fair value at December 31
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$
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98,799,054
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$
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93,585,094
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5.
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Income
Tax Status
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6.
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Transactions
with Parties-in-Interest
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7.
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Risks
and Uncertainties
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8.
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Subsequent
Events
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Identity
of issue, borrower,
lessor
or similar party
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Description
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Current
value
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Mutual
Funds
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|||
American
Century INF-ADJ Bond
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Shares
of an investment company
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$
4,313,727
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Baron
Partners Fund
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Shares
of an investment company
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1,680,340
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Stock
Liquidity Fund
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Shares
of an investment company
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7,245
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Spartan
Market Index
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Shares
of an investment company
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13,271,342
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Goldman
Sachs Mid Cap Value A
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Shares
of an investment company
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3,757,995
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Columbia
Acorn
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Shares
of an investment company
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577,984
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MFS
Value
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Shares
of an investment company
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19,310
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Davis
NY Venture
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Shares
of an investment company
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3,833,002
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Oppenheimer
Main St Sm Cap-N
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Shares
of an investment company
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1,075,502
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PIMCO
Total Return R
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Shares
of an investment company
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4,315,848
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AM
Funds EURO Pacific R3
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Shares
of an investment company
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5,218,891
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American
Funds Growth Fund
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Shares
of an investment company
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14,354,488
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Mutual
Discovery A
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Shares
of an investment company
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6,458,661
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Vanguard
Index Ext Market
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Shares
of an investment company
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89,762
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Gartmore
Morley Stable Value
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Shares
of an investment company
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10,360,554
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Total
Mutual Funds
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Shares
of an investment company
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69,334,651
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Common
Stock
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||
†*
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Commerce
Bancorp, Inc. (nonparticipant-directed)
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Shares
of common stock
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98,799,054
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*
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Commerce
Bancorp, Inc. (participant-directed)
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Shares
of common stock
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36,101,169
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*
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Commerce
Bancorp, Inc. (self-directed)
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Shares
of common stock
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1,856,523
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Total
Common Stock
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136,756,746
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||
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|||
Self-directed
investments
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6,309,103
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||
Loans
receivable from participants
|
Interest
rates ranging from 5.00% to 10.50%
|
669,154
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$213,069,654
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*
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Party-in-interest
to the Plan.
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†
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The
cost associated with the nonparticipant-directed shares is
$9,632,260.
|