Vernon Hill
From Wikipedia, the free encyclopedia
Vernon Hill II (born circa 1946) is the founder and former chairman, president, and chief executive officer of Commerce Bancorp and Commerce Bank of Cherry Hill Township, 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.
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Hill also owns several Burger King 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. Contrary to some assertions, Hill did not receive an MBA from Penn's Wharton School of Business.
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.[1]. He resides there with wife Shirley Hill, owner of the InterArch design firm, one of his four children, 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.
Vernon Hill suffers from a mild stutter, but has overcome this disability to a large degree.
In 2005, Vernon and his wife, Shirley Hill, and dog, 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. [2]
[edit] Commerce Bancorp
Hill founded Commerce Bancorp 34 years ago, basing its business model on that of the Burger King restaurants that he'd 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, Vernon 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 controlled by 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.[1]
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 will acquire Commerce for $8.5 billion (U.S. dollars) in cash and stock -- about $42 per share of CBH stock. Some have suggested that Hill's departure, as well as a strong Canadian dollar, had made a takeover inevitable. [2]
[edit] Hill-Townsend Capital
On November 27, 2007 Vernon Hill announced that he is teaming 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.
[edit] References
- ^ Smith, Eileen and Walsh, Jim. "Hill's climb took bank to heights of industry", Asbury Park Press, June 30, 2007. Accessed July 25, 2007. "Hill and his wife Shirley built Villa Collina, literally Hill House, a 46,000-square-foot Tuscan-style mansion in Moorestown that is the biggest private residence in the state."
- ^ Distefano, Joseph N. "Commerce Bancorp chairman gives $10 million to veterinary school.", The Philadelphia Inquirer, October 1, 2005. Accessed October 16, 2007. "Penn said that the Hills have given $10 million to the vet school toward a $70 million classroom and office center that Penn will call the Vernon and Shirley Hill Pavilion."
