MOUNT LAUREL, N.J. - The maverick founder of Commerce Bank NA, a New Jersey bank that has grown into a powerhouse on the East Coast, is retiring as the bank resolves a probe by federal banking regulators.
In a surprise announcement Friday, the company said Vernon W. Hill II had resigned from the bank and would retire from its holding company, Commerce Bancorp, on July 31.
Commerce also announced that it had entered into an agreement with the Comptroller of the Currency to stop doing business with companies owned by its executives and their relatives.
A person close to the situation said regulators had pressured the bank's board to seek Hill's resignation because …
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