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In 2001, as Vernon Hill prepared to open Commerce Bancorp's inaugural New York City branch, his wife, Shirley, also the branch's designer, asked if their Yorkshire terrier, Sir Duffield, could accompany them inside. This simple inquiry sparked a campaign led by Vernon to allow dogs into Commerce branches, a move he felt exemplified his disdain for what he considered unnecessary banking regulations.
Throughout his 50-year career spanning three different banks, Vernon Hill aimed to revolutionize the banking experience. He kept his branches open on Sundays, hosted extravagant parties, and strategically located branches in prime spots. He even installed "Magic Money Machines" for customers to deposit change and provided dog treats, creating a distinctive banking atmosphere. Commerce quickly became one of the fastest-growing banks, disrupting the traditional banking sector.
However, Hill's unconventional methods sometimes led to conflicts. He was dismissed from Commerce due to conflicts of interest, including payments to his wife's design firm totaling millions for services. Similar issues arose at Metro Bank in the U.K., where he departed amid an accounting scandal. His latest endeavor, Republic First Bancorp, was seized by regulators after shareholders ousted him.
Despite setbacks, Hill's innovative approach persisted. He viewed himself more as a retailer than a banker, aiming to create a customer-centric experience. He founded Commerce in 1973 in Marlton, N.J., and expanded rapidly, challenging traditional banking norms. He built a grand mansion and ventured into other businesses, including owning Burger Kings and a golf club.
Hill's entrepreneurial spirit endured even after his exit from Metro Bank. He invested in Republic First and sought to replicate the successes of Commerce and Metro. However, the bank's rapid growth and investment in fixed-rate securities left it vulnerable when interest rates rose. Hill's bold strategies, while successful in some respects, ultimately faced challenges in an evolving banking landscape.