Commerce Bank CEO's Exit Ends Federal Probe

Law360, New York (June 29, 2007, 12:00 AM EDT) -- In a surprise move, Commerce Bancorp Inc. CEO Vernon W. Hill II has resigned his position, after the bank settled two federal enforcement actions related to the former chief executive.

Commerce announced Hill's departure on Friday, disclosing at the same time that the bank had settled two federal enforcement actions related to the former chief executive. Hill stepped down as chief of the company's Commerce Bank unit effective immediately, and will leave the parent company on July 31.

The news sent a shockwave across Wall Street,...
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