Commerce Bancorp Inc. has agreed to acquire eMoney Advisor Inc., a provider of Web-based wealth management tools. The deal is worth $32 million to be paid in Commerce Bancorp stock.
The eMoney solution offers clients a comprehensive view of the entire financial portfolio. It offers users daily aggregation of all financial assets, financial statements updated daily, asset allocation tools, alerts and a Web-based storage vault for personal documents.
Other clients using eMoney Advisor include MassMutual, Guardian Life, PricewaterhouseCoopers, New England Financial and MetLife.
Commerce will develop the service for its banking customers under the brand name “Virtual Private Banker.”
“By joining Commerce, eMoney Advisor will be able to combine its unique technical and service capabilities with the financial strength and branding of one of America’s major banks. The new Commerce Bank, ‘Virtual Private Banker,’ is the next great idea in customer relationships, tying together not only a customer’s assets with Commerce, but assets and liabilities with over 3,100 financial providers,” said Vernon Hill, president of Commerce Bank, in a release.