Losses & Lawsuits


Commerce Bancorp

In a case that the Philadelphia press has billed as one that represents the city’s ‘pay-to-play’ culture, two executives with Cherry Hill, New Jersey-based Commerce Bank were indicted in July 2004 in a scandal involving allegations of corruption, illegal payments in exchange for municipal bond deals and ‘sweetheart deals’. The two employees were the president of the bank’s Pennsylvania operations, Glenn Holck and a regional vice-president, Stephen Umbrell – both of whom were

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