Vern's bargain at Commerce (PhillyInc)

Vern's bargain at Commerce

Commerce Bancorp Inc., whose founder Vernon Hill was ousted in June, says in a preliminary proxy filing that suitors didn't exactly line up to buy it afterward. Only two got as far as stating a price they would pay, and only TD Bank Financial Group's $8.5 billion offer included a premium. The proxy also spells out the payday for executives who stick around for three years: bank chairman Dennis DiFlorio would get $7.63 million, bank chief executive officer Robert Falese would get $7.33 million, and insurance division chairman George E. Norcross III would get $7.59 million.

- Harold Brubaker

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Posted by phillyinc on November 14, 2007 11:37 PM | Permalink

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This page contains a single entry from the blog posted on November 14, 2007 11:37 PM.

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