LoadedBanker

Goodbye, Commerce Bancorp: Vernon Hill Mourns the End of an Era

Yes, he was forced to leave to avoid federal investigation and scrutiny by regulators. Oh, and now he's filed a lawsuit against Commerce for $57 million for wrongful termination. And this guy is seriously going to offer commentary on the bank going forward? Hey Seeking Alpha, kick him to the curb for the sake of your own credibility. He's busy tossing salads now anyway...

Goodbye, Commerce Bancorp: Vernon Hill Mourns the End of an Era

Get serious. Vern is going to critique this company going forward? That's credible. The ego clearly never stops, even after the music does.

Vern, you didn't invent late or Sunday hours. Many banks had tried it before you, but they were smart enough to realize the economics weren't there. Fortunately for you, that wasn't a priority for Commerce. As long as the company was enriching you and your family (when real estate, design and construction of new branches are "all in the family," how couldn't they?), it was all good in the Hill hood. Of course you're going to "spend lavishly" when your wife is being paid for the design work. Shoot, who wouldn't spend a few million more per branch than competitors when it's money in the (personal) bank? Wait, we know the answer. Ethical, law-abiding people. Even your coin counters ripped people off. Remember the Cranky Consumer article in the WSJ that showed your "innovation" was keeping 20 cent of your customers dollar?

This bank was all hype. Glad TD is taking a knife to the thing and trimming the fat. The bank might actually might be viable over the long term if they go far enough.