(March 10, 4:37 p.m.) Vernon W. Hill II, retired chief executive officer of Commerce Bancorp, Cranford, N.J., has purchased a minority stake in Saladworks Inc., Conshohocken, Pa.

Hill, founder of the 450-branch bank, will join the executive committee of the board of directors for the 88-unit, after making an unspecified investment in the privately held salad chain.

“He (Hill) is a man that transformed the banking business model into one of America’s most convenient banks,” said Saladworks chairman and chief executive officer, John Scardapane. “Customer service and good customer experience is what drives us (as well), and I admire that about him. He’s been there and done that.”

Under Hill’s guidance, Saladworks plans to grow at a much quicker rate, expanding by 500 new units in the next five years, Scardapane said.