Philadelphia Will Do  
 

Nov

10

Canadian Arrogance Sinks Commerce

111008commercebank.jpg Recently, the local branches of Commerce Bank were re-branded to TD Bank. TD Banknorth purchased Commerce Bancorp of Cherry Hill last year; the company wanted to use the name TD Commerce but were sued by Massachusetts-based Commerce Bank & Trust. Meanwhile, today, Pennsylvania Commerce — a separate company that continues to operate Commerce Bank branches — purchased First Republic Bank of Philadelphia and will form Metro Bank.

Confused yet? Good. Here’s who you can blame it on, courtesy of Vernon Hill (who has been involved with nearly every one of these banks):

The merger comes two days after TD dropped the Commerce name from the branches it bought last year. “It took us 34 years to build a great brand and only 10 months for TD to destroy it,” Hill told me before the event. He blamed “Canadian corporate arrogance” — and praised Pennsylvania Commerce chairman and chief executive Gary L. Nalbandian for soldiering on with the Commerce name.

Turns out TD Banknorth is owned by Toronto-Dominion Bank (which also owns ~11% of the new Metro Bank — phew, I’m confused). It does all make sense now: Only Canadian corporate arrogance could be responsible for Commerce Bank’s changing its name.

Vernon Hill is back: PA Commerce Bank + 1st Republic = Metro Bank [Phillydeals]
 
dmac | 12:20 PM | 5 Comments
Banks, Canada, Canadian Corporate Arrogance, Commerce Bank, Metro Bank, Pennsylvania Commerce Bank, TD Bank
 
  1. R. M. Says: Nov 10 1:16 PM

    I actually feel confident banking at TD Bank since it is owned by Canadians. Canada is a civilized democratic nation with a competent system of government, unlike the United States. Anyway, it seems like the problem is a bunch of Massholes here.

  2. friendlynerd Says: Nov 10 1:32 PM

    All I know is my online banking logon screen is now green and has a picture of Regis and Kelly embracing a TD Bank sign. They haven’t crossed me yet, but the whole Regis and Kelly thing is a little nauseating.

  3. Dan Says: Nov 10 5:20 PM

    Well I for one always do my banking wherever Regis deigns to endorse. Maybe I’ll get to see quarters that he touched!

  4. Philly Chit Chat Says: Nov 11 2:52 AM

    Sounds to me like someone wanted to make a buck, and keep their branding too. Sure I miss the Corestates Center or even FUC, but that’s all history.

  5. CJ Says: Nov 11 4:27 PM

    The other day I went to make a deposit at the rebranded TD Bank on Walnut Street. They had two lines - one for TD customers and one for Commerce. There were three tellers for the TD customer (all 2 of them) and one teller for the line of 11 Commerce customers. The new bank manager obviously could care less. I’ve been a Commerce customer for 21 years but I’m probably going to close my account if this crap continues.

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