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]
Comments (20)
Leave a comment
You can log in with your account or comment as a guest below.
Great…now I have move my money. Don’t want those Canucks to get a hold of it.
its cool you have until may
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
CARNEY, WHERE’S KEITH?
Oh, and I hate to be a jerk about typos, but: “It’s [sic] founder, Vernon Hill….”
We’ll try to update you on Keith soon. Sorry for the mystery!
Better take the penny jar to commerce soon; you don’t want to get walk out with a looney.
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…
Kieth has left DealBreaker for personal reasons.
After 2+ weeks now we finally find out Keith has left Dealbreaker (aka god the boot)!?!?!?!?
more importantly, will he return?!?
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
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
I still remember that one post keith did, that was mostly just various puns about balls. that was classic.
personal reasons? such as…
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).
that sounds good … link?
http://www.dealbreaker.com/2007/07/ballys_continues_highimpact_re.php
His house – Villa Collina – is down the street from mine – looks like a mall via google maps.
Monkey: You too live within Walking Distance to South Valley elementary school?
Gunner – I live right near the center of town – you?