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The bank originates loans for marketplace lenders and processes payments, and is known for its roster of clients in emerging fintech sectors. [34] [35] [36] As of 2020, the bank has assets of approximately $9.9 billion and maintains 300 employees at its branch office and corporate headquarters in New Jersey.
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A former Commerce Bank in Tuckerton, New Jersey, that was rebranded as TD Bank in 2009. Almost every Commerce Bank branch was built in this style, and is recognizable even after the merger. Several banks in the United States have traded under the name "Commerce Bank" or similar names, leading to brand confusion.
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In June 1997, New Century Bank was founded as a private bank in Phoenixville, Pennsylvania by Ken Mumma. It had five branches in Pennsylvania. The bank had about $265 million in total assets and $229 million in deposits by 2009, however of its $226 million lending portfolio, $186 million was real estate-related and considered bad loans amidst the Great Recession.