In 1973, 27-year-old Vernon Hill decided to start a bank. He launched a single, nine-employee branch on a highway in southern New Jersey. Vernon didn’t call it a “bank” or a “branch,” though. He called it a “store.”
Although he had worked afternoons at a bank while an undergrad at Penn’s Wharton School, Hill’s professional experience was primarily in real estate and fast-food retail. He scouted and developed sites for chains such as McDonald’s, CVS, and Jiffy Lube, and had an ownership stake in dozens of Burger King restaurants.
As a relatively inexperienced newcomer to the world of banking, though, Hill was able to cast aside many of the preconceptions people had about how banking ought to be done.