Vernon Hill
Encyclopedia
Vernon W. Hill II is the founder and former chairman, president, and chief executive officer of Commerce Bancorp
and Commerce Bank of Cherry Hill, New Jersey
. He is credited as a founder of a new style of retail banking that relies on service rather than interest rates to attract customer and deposits.
franchises and is a partner in Interstate Commercial, formerly Site Development Inc. and several other holding and development enterprises. He earned a BS in economics with a concentration in finance from the Wharton School of the University of Pennsylvania
in Philadelphia in 1967.
Hill's 46,000 ft² (4,270 m²) mansion Villa Collina — Italian for "Hill House" — the largest private residence in New Jersey, is located in Moorestown Township, New Jersey
. He resides there with wife Shirley Hill, owner of the InterArch design firm and their dog.
Hill founded and helped design one of the top golf courses in the USA, Galloway National Golf Club in Galloway Township, New Jersey.
In 2005, Vernon and his wife, Shirley Hill, donated $10 million dollars for a new building at the School of Veterinary Medicine at the University of Pennsylvania, Vernon's alma mater. The building is called the Vernon and Shirley Hill Pavilion.
In 2003, he was named to the PoliticsPA
"Power 50" list of politically influential individuals, saying that he "heads one of Pennsylvania's fastest growing banks, and more importantly, gets the game when it comes to politics- earning a spot on the list. Hill plays to both Republicans and Democrats, and gets what he wants."
Hill earned $54.2-million (U.S.) in salary, bonus, and profit from stock options from 2002 to 2006, according to the Philadelphia Inquirer.
On June 29, 2007, Hill was forced to resign as Chairman and CEO of Commerce Bancorp after the Office of the Comptroller of the Currency
, the Federal Reserve Bank of Philadelphia
and the board of directors of Commerce Bancorp established governance to stop doing business with firms under the control of his family. Notable business dealings with insiders included property leases with entities in which Hill was a partner, and the purchase of services from an architectural design business run by his wife, Shirley.http://www.theglobeandmail.com/servlet/story/RTGAM.20071002.wvernon1002/BNStory/Front
The company appointed three executives to replace Hill, naming Dennis DiFlorio chairman, Robert Falese president and CEO, and Douglas Pauls Chief Financial Officer.
On October 2, 2007, Commerce Bancorp announced that it would be merging with TD Bank Financial Group. The Canadian-based Toronto-Dominion Bank
would acquire Commerce for $8.5 billion (U.S. dollars) in cash and stock, at $35 per share of CBH stock. Some people suggested that Hill's departure, as well as a strong Canadian dollar, had made a takeover inevitable. http://www.signonsandiego.com/news/business/20071002-1355-tdbank-commercebancorp-optional.html
, the first high-street bank to open in the United Kingdom for more than 100 years, opened in Holborn
, London. Vernon Hill is a co-founder, alongside chairman Anthony Thomson.
Commerce Bancorp
TD Bank, N.A., is a national banking institution in the United States which offers banking, insurance, brokerage, and investment banking services in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina,...
and Commerce Bank of Cherry Hill, New Jersey
Cherry Hill, New Jersey
Cherry Hill is a township in Camden County, New Jersey, in the United States. As of the 2010 United States Census, the township had a population of 71,045, representing an increase of 1,080 from the 69,965 residents enumerated during the 2000 Census...
. He is credited as a founder of a new style of retail banking that relies on service rather than interest rates to attract customer and deposits.
Private
Hill also owns several Burger KingBurger King
Burger King, often abbreviated as BK, is a global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain...
franchises and is a partner in Interstate Commercial, formerly Site Development Inc. and several other holding and development enterprises. He earned a BS in economics with a concentration in finance from the Wharton School of the University of Pennsylvania
University of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
in Philadelphia in 1967.
Hill's 46,000 ft² (4,270 m²) mansion Villa Collina — Italian for "Hill House" — the largest private residence in New Jersey, is located in Moorestown Township, New Jersey
Moorestown Township, New Jersey
-Demographics:At the 2000 census, there were 19,017 people, 6,971 households, and 5,270 families residing in the township. The population density was 1,287.3 per square mile . There were 7,211 housing units at an average density of 488.1 per square mile...
. He resides there with wife Shirley Hill, owner of the InterArch design firm and their dog.
Hill founded and helped design one of the top golf courses in the USA, Galloway National Golf Club in Galloway Township, New Jersey.
In 2005, Vernon and his wife, Shirley Hill, donated $10 million dollars for a new building at the School of Veterinary Medicine at the University of Pennsylvania, Vernon's alma mater. The building is called the Vernon and Shirley Hill Pavilion.
In 2003, he was named to the PoliticsPA
PoliticsPA
- Content :The website focuses on news aggregation, linking to major political news making headlines across the state. The editors write occasional features, like the weekly "Up & Down" scorecard and one-off lists like "Harrisburg's Smartest Staffer" and "Best Dressed Lobbyist" lists...
"Power 50" list of politically influential individuals, saying that he "heads one of Pennsylvania's fastest growing banks, and more importantly, gets the game when it comes to politics- earning a spot on the list. Hill plays to both Republicans and Democrats, and gets what he wants."
Commerce Bancorp
Hill founded Commerce Bancorp in 1973, basing its business model on that of the Burger King restaurants that he had once owned. Commerce Bank became one of the fastest-growing banks in the country.Hill earned $54.2-million (U.S.) in salary, bonus, and profit from stock options from 2002 to 2006, according to the Philadelphia Inquirer.
On June 29, 2007, Hill was forced to resign as Chairman and CEO of Commerce Bancorp after the Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
, the Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, the 9 southern counties of New Jersey, and Delaware...
and the board of directors of Commerce Bancorp established governance to stop doing business with firms under the control of his family. Notable business dealings with insiders included property leases with entities in which Hill was a partner, and the purchase of services from an architectural design business run by his wife, Shirley.http://www.theglobeandmail.com/servlet/story/RTGAM.20071002.wvernon1002/BNStory/Front
The company appointed three executives to replace Hill, naming Dennis DiFlorio chairman, Robert Falese president and CEO, and Douglas Pauls Chief Financial Officer.
On October 2, 2007, Commerce Bancorp announced that it would be merging with TD Bank Financial Group. The Canadian-based Toronto-Dominion Bank
Toronto-Dominion Bank
The Toronto-Dominion Bank , is the second-largest bank in Canada by market capitalization and based on assets. It is also the sixth largest bank in North America. Commonly known as TD and operating as TD Bank Group, the bank was created in 1955 through the merger of the Bank of Toronto and the...
would acquire Commerce for $8.5 billion (U.S. dollars) in cash and stock, at $35 per share of CBH stock. Some people suggested that Hill's departure, as well as a strong Canadian dollar, had made a takeover inevitable. http://www.signonsandiego.com/news/business/20071002-1355-tdbank-commercebancorp-optional.html
Hill-Townsend Capital
On November 27, 2007 Vernon Hill announced that he is teaming up with veteran analyst Gary B. Townsend on the venture, to be called Hill-Townsend Capital. The firm, which will be based in Chevy Chase, Md., will invest in the financial services sector, particularly in mid-cap bank stocks with assets of about $1 billion to $10 billion. Hill-Townsend will "concentrate on long-horizon investment in companies with superior, easily understood business models, run by passionate, dedicated management teams," a news release said.Metro Bank
On July 29, 2010, the first branch of Metro BankMetro Bank
Metro Bank plc is a retail bank operating in the United Kingdom as from 2010. It was founded by Anthony Thomson and Vernon Hill . The bank aims be customer-oriented.- History :...
, the first high-street bank to open in the United Kingdom for more than 100 years, opened in Holborn
Holborn
Holborn is an area of Central London. Holborn is also the name of the area's principal east-west street, running as High Holborn from St Giles's High Street to Gray's Inn Road and then on to Holborn Viaduct...
, London. Vernon Hill is a co-founder, alongside chairman Anthony Thomson.
Further reading
- Platt, Larry (August 2001). http://www.phillymag.com/articles/vernon_the_barbarian
- Shiffman, John (June 2007). http://www.philly.com/philly/hp/news_top/20070630_Ultimatum_from_regulators__and_a_boards_division_widened.html