The bank that seems to be everywhere in New York city is being bought by TD Bank, creating the fifth largest bank—with $312 billion of deposits—in the US. TD Bank will pay $8.5 billion of cash and stock for Commerce.
Commerce Bank was the fast food chain of banking. It's founder Vernon Hill, who is said to own the largest private house in New Jersey, started as a fast-food franchise owner before starting up Commerce Bancorp in 1973.
Commerce shareholders will get 0.412 shares of TD Bank and $10.50 in cash. That works out to a 6.6 percent premium, although some would argue that the bank was already trading at a premium after Hill resigned and speculators began whispering that the bank was in play.
TD Bank is Canadian. So, you know, blame Canada.
Deal Press Release [Newswire]
Posted by ian , Oct 02, 2007 9:58AM
Great...now I have move my money. Don't want those Canucks to get a hold of it.
Posted by s75 , Oct 02, 2007 10:07AM
its cool you have until may
Posted by s75 , Oct 02, 2007 10:09AM
you forgot to mention he was probably the most crooked bank CEO in america.
well, maybe jay sidhu edges him out its hard to tell, they are both arch criminals
Posted by Kelsey Grammar , Oct 02, 2007 10:28AM
CARNEY, WHERE'S KEITH?
Oh, and I hate to be a jerk about typos, but: “It’s [sic] founder, Vernon Hill....”
Posted by John Carney , Oct 02, 2007 10:31AM
We'll try to update you on Keith soon. Sorry for the mystery!
Posted by , Oct 02, 2007 10:36AM
Better take the penny jar to commerce soon; you don't want to get walk out with a looney.
Posted by TheUnrepentantGunner , Oct 02, 2007 11:57AM
Funnily enough, the stuff Vernon did woulda been fine if he kept the company private.
And eerily enough, I sort of like his wife's interior decorating. It's a cross between a bank and a 2nd grade classroom, which strikes me just fine...
Posted by John Carney , Oct 02, 2007 12:13PM
Kieth has left DealBreaker for personal reasons.
Posted by Wait WHAT , Oct 02, 2007 12:15PM
After 2+ weeks now we finally find out Keith has left Dealbreaker (aka god the boot)!?!?!?!?
Posted by Million dollar question , Oct 02, 2007 12:22PM
more importantly, will he return?!?
Posted by WWCPD , Oct 02, 2007 12:33PM
was that so hard? even at my crappy firm (citi) when someone leaves, they at least have the decency to send out a "we are sorry to anounce that X has left the firm" email
Posted by , Oct 02, 2007 12:35PM
but anyway thanks for finally telling us. please let him know he is beloved of many - or at least an object of curiosity - and will be missed
Posted by keith fahn , Oct 02, 2007 12:38PM
I still remember that one post keith did, that was mostly just various puns about balls. that was classic.
Posted by , Oct 02, 2007 12:56PM
personal reasons? such as...
Posted by Give-up Agreement , Oct 02, 2007 1:12PM
Jeez.... All we get is a one sentence notice on Keith's departure (in the comments section, not a main post) - and Carney spells his name wrong!
Anyway, best of luck in whatever he's pursuing. He will be missed. I still find myself smirking at his list of activist hedge fund names (particularly CBC - Cockblock Capital).
Posted by , Oct 02, 2007 1:20PM
that sounds good ... link?
Posted by , Oct 02, 2007 1:21PM
http://www.dealbreaker.com/2007/07/ballys_continues_highimpact_re.php
Posted by monkey , Oct 02, 2007 1:49PM
His house - Villa Collina - is down the street from mine - looks like a mall via google maps.
Posted by TheUnrepentantGunner , Oct 02, 2007 2:30PM
Monkey: You too live within Walking Distance to South Valley elementary school?
Posted by monkey , Oct 03, 2007 3:04PM
Gunner - I live right near the center of town - you?