Hill has agreed to buy Philadelphia-based Republic First Bancorp for $113 million via publicly traded Pennsylvania Commerce Bancorp, a separate bank he created in 1985 when the government forbade interstate banking. Following the merger's completion next year, the two banks expect to re-brand under the Metro Bancorp Inc. name.
Interestingly, the name change has as much to do with the Republic acquisition as it does with Toronto-Dominion's $8.5 billion acquisition of the larger Cherry Hill, N.J.-based Commerce Bancorp. When TD completed the merger in 2007, Pennsylvania Commerce Bancorp agreed to eventually change its name as the Canadian bank expected to continue using the Commerce brand. Although TD abandoned those plans after settling a lawsuit in Massachusetts where another bank operates under the Commerce name, the agreement is reportedly still in effect, notes New Jersey's Courier-Post.
However, the new Metro bank will simply trade the red C logo for a red M, the Courier reports. In addition to sporting a similar logo, Hill is expected to introduce to Metro Bank Commerce's extended banking hours, which includes Sundays. Additionally, Hill, who built Commerce into a regional bank with 450 branches throughout the mid-Atlantic, also expects to organically grow the new bank, notes the Courier.
However, what is unclear is whether the new bank will also sport interior designs from his wife -- a Commerce practice that eventually got him in trouble with the board and led to an SEC investigation. Shortly before selling to TD, Commerce's board ousted Hill as CEO over questionable consulting deals he doled out to his wife and other family and friends. - Matthew Wurtzel
See story from Courier-Post
See Dealscape: SEC investigates Commerce Bank
See Dealscape: Canadians buy America's most convenient bank
See Dealscape: Commerce Bancorp nearer the block
Matthew Wurtzel is the editor of Dealscape
Comments
It's hard to keep an entrepreneur down. So even a shaky banking industry hasn't stopped Commerce Bancorp founder Vernon Hill from jumping back into the fray after a two-year layoff. The founder of what is now the crown jewel of Toronto-Dominion Bank's U.S. operations is looking to work his "magic" again by acquiring and building another small bank. 
Good luck to Vernon. Boo to TD North!!