SEC Probes Commerce Bancorp CEO's Departure

Law360, New York (October 25, 2007, 12:00 AM EDT) -- Though federal prosecutors ended their investigation into Commerce Bancorp Inc., the bank's regulatory troubles are far from over. Commerce has disclosed that the U.S. Securities and Exchange has decided to take a closer look at the circumstances surrounding the recent departure of CEO Vernon Hill.

The New Jersey-based bank disclosed the probe in a filing made public on Thursday.

“Commerce has been advised that an investigation is being conducted by the staff of the SEC,” the company said in the filing. “Commerce has further been advised...
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