Commerce Bancorp Chief Resigns Under Fire |
| New York Times - Jun 29, 2007 |
Commerce Bancorp, under fire for its business dealings with insiders, announced today that its chairman and chief executive, Vernon W. Hill II, would leave and that it had settled two federal regulatory inquires involving him.
New Jersey’s largest bank said Mr. Hill was departing as chairman and chief executive of the company’s Commerce Bank N.A. unit, effective today, and would retire from the parent on July 31.
The bank, based in Cherry Hill, N.J., said the banking unit had agreed to governance changes in a consent order with the Office of the Comptroller of the Currency. The parent also signed a memorandum of understanding with the Federal Reserve Bank of Philadelphia. Commerce had on June 12 said regulators expected it to settle the inquiries.
Read Full Article from New York Times
- Posted: 2007-06-29 11:01:50
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