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Commerce Bancorp (CBH Quote) Chairman and CEO Vernon Hill is out of the company he founded.
Hill is departing as the head of the company's Commerce Bank N.A. unit Friday, and he will retire from his corporate post July 31. To replace him, Commerce has restructured the executive leadership team and named three officials to a newly created Office of the Chairman.
The changes come as the company agreed to a consent order with the Office of the Comptroller of the Currency and a memorandum of understanding with the Federal Reserve Bank of Philadelphia to put to rest questions about the real estate dealings of Hill and others. ...
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