Vernon Hill
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Vernon Hill (born circa 1946) is the chairman and founder of Commerce Bancorp and Commerce Bank. Hill also owns several Burger King franchises and Site Development, Inc. Many critics of Hill cite that Commerce, a publicly traded company, has given Site Development several million dollars worth of business per year. Vernon Hill suffers from a mild stutter, but has overcome this disability to a large degree.
Vernon Hill built, and presently lives in, the largest private residence in the State of New Jersey located in Moorestown. Local environmentalists have protested the mansion as being excessive and having a negative impact on what was previously undeveloped land.
Hill has received criticism for running one of the most politically active banks in the United States. Under Hill's leadership, Commerce Bancorp has received numerous no-bid contracts for banking, investment banking, and insurance services from numerous levels of government. Hill appointed South Jersey Democratic Party boss George Norcross as CEO of Commerce National Insurance and former New Jersey Republican Acting Governor Donald DiFrancesco as a member of Commerce Bancorp's board of directors. DiFrancesco was forced to withdraw from the 2001 gubernatorial race over corruption allegations.
In June 2004, Commerce Pennsylvania President Glenn Holck and Commerce Regional Vice President Stephen Umbrel have been indicted for corruption, bribery and fraud, for giving loans and favors to officials in Philadelphia Mayor John Street's office. Vernon Hill was named in the indictment, but is not currently subject to investigation.
Hill was then sued by his fellow shareholders for selling $6 million worth of Commerce Bancorp stock between December and June even as he knew his company was being investigated in conjunction with the Philadelphia corruption scandal.
After a twelve week trial and nineteen days of deliberations in May 2005, Glenn Holck and Stephen Umbrel were convicted on counts of conspiracy to commit fraud and wire fraud.
See also
- Vernon Hill, Virginia located in Halifax County, Virginia
Further reading
- Platt, Larry (August 2001). Vernon the Barbarian (http://www.phillymag.com/Archives/2001August/vernon.html). Philadelphia Magazine.