March 7, 2014 |
At its peak in the mid-2000s, Vernon Hill's Commerce Bank was adding its boxy, sunlit branches up and down the East Coast at the rate of one a week. On Saturday, Hill was back, in Cherry Hill, near his Moorestown mansion, opening a new glass-walled Republic Bank branch that looks like the next generation of Commerce - or Metro Bank Plc , his fast-growing operation in England. Seven years after he stepped down as Commerce CEO amid a dispute with regulators - and six years after Canada's Toronto-Dominion Bank paid $8.5 billion for Marlton-based Commerce and its 460 branches and $48 billion in loans and other assets, then scrapped the big red C signs and replaced them with white-on-green TD placards - Hill sees new opportunity in his old front yard.
August 11, 2013 |
Peter Page Schauffler, 90, of Kittery Point, Maine, a deputy commerce director under three Philadelphia mayors, died Sunday, July 28, of congestive heart failure at home. He had moved to Maine in 2002 to be near his children. Mr. Schauffler was deputy director of commerce under Mayors Joseph S. Clark Jr., Richardson Dilworth, and James H.J. Tate. He served from 1953 to 1968. Born in New Rochelle, N.Y., he grew up in Washington, where his parents worked in the administration of President Franklin D. Roosevelt.
July 8, 2013 |
With 60 percent of the Delaware River navigation channel now at or deeper than 45 feet, steamship lines and port officials say the dredging will do two things: Put more cargo on ships currently coming into the ports of Wilmington, Philadelphia, and South Jersey, and allow larger ships from Asia to sail the river when the Panama Canal expansion is completed in 2015. It's been 30 years since Congress directed the Army Corps of Engineers to investigate the feasibility of deepening the channel from 40 feet to 45. Since the project began in March 2010, 42 miles of the 102-mile channel from Camden to the Atlantic Ocean have been deepened.
June 17, 2013 |
Any aspiring singer or videographer with a smartphone can post a video on YouTube or promote work on Facebook. But easy-to-use digital platforms and social media don't make it easy to break into music, or video. The only way to learn how to do that is to do it yourself - or with a little help from your friends. Listen to recent Rowan University grads William Lees, his wife Stefany Mayz, and their pal John Breitling: "It's harder to get noticed. There's so much content out there that you get lost at sea," says Lees, 24. He founded Lees Productions, a video and film production company, in January.
May 23, 2013 |
Commerce Bank founder Vernon Hill 2d's golden parachute deflated Tuesday when a federal jury in Camden determined that it was "legally impossible" for the bank to pay him the $17.2 million he is owed on his employment contract. "It's a disappointment," said Hill's lawyer, Edwin J. Jacobs Jr. of Jacobs & Barbone in Atlantic City. "We are pleased with the jury's decision and are happy to put this matter behind us," a spokeswoman for TD Bank, which acquired Commerce five years ago, said Tuesday.
May 11, 2013 |
Whether the jury will feel sympathy for Vernon W. Hill 2d, the ousted founder of Commerce Bank, and his legal quest to wrest $17.2 million in golden parachute benefits from the bank remains to be seen. In federal court Thursday, Hill explained why he didn't fight his June 28, 2007, firing from the banking empire that he had built from one storefront in Marlton in 1973. "This was my bank," Hill said in U.S. District Judge Robert B. Kugler's Camden courtroom. "It was obvious to me that the best thing for the bank was for me to leave.
May 10, 2013 |
From the testimony, everyone agreed that former Commerce Bank chairman, president, and chief executive Vernon Hill, ousted in the summer of 2007 from the bank he founded, deserved to receive the "golden parachute" provisions negotiated in his employment contract. Everybody, that is, except the regulators, including the federal Office of the Comptroller of the Currency and the board of governors of the Federal Reserve. The question in court now is whether officials of Commerce Bank, now TD Financial Group, tried hard enough to persuade the regulators.
May 7, 2013 |
JOE MAHONEY liked nothing better than to chill out at his condo in Stone Harbor, N.J., where he could escape the pressures of his role as an executive of the Greater Philadelphia Chamber of Commerce. "He could relax there and do what he wanted to do," said his wife, the former Patricia McElwee. "He wasn't always able to do that here. " Joe wasn't a beach person; he didn't fish or boat. But the salubrious sea air and sun of the small beach community lent the right atmosphere for taking it easy.
December 20, 2012
Jesse Hill Jr., 86, a civil rights leader and businessman who became the first black president of the Atlanta Chamber of Commerce, died Monday. Mr. Hill had a close relationship with the Rev. Dr. Martin Luther King Jr. and helped make sure his legacy would be remembered, according to Steve Klein, a spokesman for the King Center, where Mr. Hill served as chairman of the board of directors from 1979 to 1993. Mr. Hill was born in St. Louis. He graduated from Lincoln University in Jefferson City, Mo., with a degree in mathematics and physics, and earned a master's in actuarial science from the University of Michigan.
December 20, 2012
ATLANTA - Jesse Hill Jr., a civil-rights leader and businessman who later became the first black president of the Atlanta Chamber of Commerce, died Monday. He was 86. Hill had a close relationship with the Rev. Dr. Martin Luther King Jr. and helped make sure his legacy would be remembered, according to Steve Klein, a spokesman for the King Center, where Hill served as chairman of the board of directors from 1979 to 1993. "He was very instrumental in developing the growth of the King Center and really a giant in Atlanta civic affairs," Klein said.