CommerceBancorp, the holding company for CommerceBank in...

CommerceBancorp, the holding company for CommerceBank in Newport Beach, posted record net income of $867,000 for the third quarter, a 35% increase over $640,000 in earnings for last year’s third quarter. Quarterly revenue grew 19% to $6.8 million this year from $5.7 million last year. For the first nine months, the company earned a record $2.6 million, a 53% increase over net income of $1.7 million in the same period last year. Revenue for the period rose 26% to $19.7 million this year from $15.6 million last year. Total assets rose 4% to $247.8 million at the end of September from $237.7 million a year earlier. CommerceBank last week signed a definitive agreement to acquire California City Bank in Orange for $8.7 million in cash, subject to approval from regulators and California City shareholders.