Commerce Bank CEO steps down

Commerce Bank N.A. has announced the departure of chairman and CEO Vernon W. Hill. He has also stepped down as chairman and CEO of the parent company, Commerce Bancorp Inc. Mr. Hill will leave the Cherry Hill, N.J.-based bank, effective July 31. The bank has also agreed to reform its governance policies. Earlier this year, federal agencies were investigating insider-related transactions the company made with Mr. Hill, his family members and the company’s officers. Specifically, the company signed a number of leases for land and bank premises with companies that were affiliated with Mr. Hill. Commerce Bank will now work more closely with regulators and change governance policies, ending prior related-party real estate and vendor transactions and restructuring its audit and governance committees. The board also created the office of the chairman of Commerce Bank N.A., naming president Dennis DiFlorio to the new post, and giving Robert Falese, president of commercial and investment banking, the additional title of president and CEO of Commerce Bank N.A.