WASHINGTON — The Office of the Comptroller of the Currency today announced that it has entered into a consent cease and desist order with Vernon W. Hill, II, former Chairman and CEO of Commerce Bank, N.A., Philadelphia, PA.
The Order places restrictions on Mr. Hill’s future real estate transactions with any associated insured depository institution, holding company or any of their subsidiaries or affiliates. Mr. Hill must report all future transactions to the board and the audit committee of the institution involved in the transaction. Additionally, when Mr. Hill is an officer, director or major shareholder, he must obtain an opinion that the transaction is fair from an independent accounting or other firm with appropriate expertise.
The Order also requires Mr. Hill to pay $4,000,000 to TD Bank, as the successor of Commerce Bank, in the form of an offset to the amount Mr. Hill claims is due to him.
Today’s action by the OCC is the result of the same investigation that led to the issuance of a cease and desist order against Commerce Bank, dated June 28, 2007.
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