Morton Fox (mortonfox) wrote,
Morton Fox

60K and the end of Commerce Bank?


60K miles service. (Actual mileage is around 60,610.) Dropped my car off this morning. The loaner car this time is a Toyota Corolla LE from 2001 or earlier. No, I can't tell the model year from the styling or anything like that. I got the year from an old registration sticker on the car's plates.

The big news yesterday, at least from my perspective, was TD Bank's acquisition of Commerce Bancorp. It affects me in two ways. Firstly, as a Commerce Bank shareholder, I'll get a bit of a premium over where CBH was trading earlier this year. However, it won't be much more than the recent stock price because there has been some takeover speculation since the CEO Vernon Hill left the company because of legal problems. (such as making questionable real estate deals with family members through the bank)

Secondly, as a Commerce Bank customer, I'll likely see some changes at the bank. So far, there has been no word on whether TD Bank will keep the Commerce Bank format but my guess is all Commerce Bank branches will become TD Banknorth branches. That would be a pity because Commerce Bank is known in this area for good service, long hours, and free coin-counting machines. I'll miss all of that.
Tags: acquisition, banking, commerce bank, loaner car, merger, td bank, toyota corolla

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