And what does George E. Norcross III get from this Commerce-TD Bank deal? In the least, Commerce will be "negotiating" to sell its insurance division back to the South Jersey Democratic powerbroker, who had started and ran the division. Norcross is chairman and chief executive officer of Commerce Banc Insurance Services Inc. and is still a director on the Commerce board. The statement today said the side deal with Norcross is still "subject to the approval of TD Bank Financial Group." Commerce said the sale to Norcross was part of its effort to "take certain actions with respect to its balance sheet."
Vernon Hill had brought in Norcross to run Commerce Bank's insurance division. And Hill evidently played a very active role picking up the pieces and looking for a buyer after Hill's removal. "People who underestimate George Norcross make a lot of mistakes in life." That's how Orin Kramer, the investor and N.J. Democratic Party powerbroker and fundraiser (and chairman of New Jersey's state pension fund), reacted to the news of Norcross' deal in a conversation today with Joseph Distefano of The Inquirer.
