philipmax

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

WOW!!

Vernon Hill takes a tiny corner bank and turns it into a $50 Billion Dollar Monster and you jokers still insist on kicking him!

Every school child knows the names of Ford and Edison. They wer innovative geniuses who revolutionized America.

But they were living in the golden age of industrialization, when men like Frank Woolworth and John Cash Penny could become enormously wealthy building retail store chains. When HJ Heinz could create a food giant with ketchup and wise distribution. When men who marketed products across the nation became hugely wealthy.

Today in in the 21st century, you hardly hear of entrepreneurial success stories that don't involve the computer industry.
You rarely see success in the brick-and-mortar world.

So when someone takes on the mundane banking experience and energizes it with stylish store-fronts, extended hours, and little niceties such as dog dishes, and of course, the 10 cent free pens (as many as you want).

Well....IT REVOLUTIONARY!!!!

The nation should be grateful to Vernon and his family for breaking down the 9-3 banking tyranny of CITI and Chase. Mr. Hill's name should be hailed in classrooms as a modern day hero just like Ford and Edison in their day.

I retell his remarkable story as often as I can because it's so amazing. Anyone who criticizes his family for their involvement has no concept of what other institutions are paying for similar services that they rendered to the super success of this bank.

Remember your marketing class and you can fully appreciate the magic of the 10 cent pen. You must admire this man for this remarkable achievement.

I have four accounts at Commerce, and, although the account features are similar to other banks, it's still a unique and pleasurable experience to enter the bank.

Oh yea... I still take a free pen home each and every time.

Why is Citi Selling a Product That Customers Don't Want?

No wonder Commerce Bank is such a success. You know your product well.

I see myself as a typical guy. Not particularly willing to let the bank control my money so much as to have them "safely store" my money.

I expect my bank to be safe, insured, accurate, friendly and boring.
My bank is where I hide from products and salesmen. It is where I keep the residue of my funds after society has eaten it away with necessities such as mtg, taxes, utilities, credit cards, gifts , allowances, insurance, car payments, etc..

I do not want the bank staffer to accost me with a sales pitch, because he is compromising the sanctity of my relationship to the institution.

Now, bringing this thought to Citi. My impression is that these boys think that they have a right to abscond with my deposit. They view MY money as their's. This is why they pretend to offer "services" that end up costing the depositor dearly.

It's not enough for them to invest my deposits at a high rate, they actually have no intention of remitting it to me. I had a heck of a time just maintaining an ordinary checking account without the bells and whistles that were "pushed" on to me. It still ended up costing me. It's my money and I want it when I want it!!! Let's remember that.

I have had accounts with Citi for many years and have never had a pleasant trusting experience with them (my business required it)

I do have accounts with Commerce and find that they have their hands on the pulse of the depositor. They understand the need for convenience and utility and have executed it magnificently.

Citi just doesn't get it!

Federally Chartered Banks Can Get Out From Under the OCC's Thumb

Great!! so you think that the OCC is a tough taskmaster and enfocer. Think again> This agency is the lap dog of the banking industry and would twist itself inside-out to protect its benefectors.
In fact the OCC is the chief lobby for the banking industry and has practically single-handedly obstructed all attempts at curbing the usurious and predatory practices of the banking community.

Perhaps you are enamored with State regulation because you are convinced that they are even easier to buy and control.

I don't think that banks should have options of switching willy-nilly to whoever is more lenient. Furthermore, the new multi-state agreement is an attempt by state politicians to get a piece of the lobby money that is flowing abundantly in Washington.

Wachovia, Deutsche Bank's $1B Syndicated Slipup

Hey Vernon I just located your blog. You are great! The insight is right on.
This stuff should be made required reading for the Federal Reserve guys who seem to walk in the dark.
Keep it up.