Canadian Arrogance Sinks Commerce

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]