By Phyllis Schaltenbrand
The First Capitol News has learned the lawsuit filed by the heirs of the Oliver Wilke Trust against Commerce Bank, Grubb & Ellis/Krombach of Clayton and their agent Jerome Gidlow, has been settled. The attorney for the Wilke Heirs, Laurence Mass, confirmed the heirs had received a settlement but they were prevented by the terms of the settlement from revealing the amount they received.
On our January 18, 2003 edition, the First Capitol News reported the heirs of the Oliver Wilke Trust had filed suit in St. Charles County Circuit Court against Commerce Bank, N.A. and Grubb & Ellis /Krombach Partners in Clayton. The suit alleged Breach of Fiduciary Duty against Commerce and negligence against Krombach.
An amendment to the suit was filed in St. Charles County Circuit Court on August 4, 2004. Due to discovery of additional facts, Jerome Gidlow, agent with Grubb & Ellis/Krombach who acted as the listing agent hired by the Commerce Bank Trust Department, was personally added as a defendant to the suit.
The suit pertains to the sale of Oliver Wilke’s property (52 acres) located at Zumbehl Road and Hawks Nest Drive at Greystone. The minimum appraised value of the land was between $8 million and $9 million. According to the suit Jerome Gidlow and Commerce Bank sold the land for a little more than $5 million.
The suit alleged Breach of Fiduciary Duty against Commerce and negligence against Krombach. Tract B involved in the suit is the location where the new St. Charles Police Headquarters was built. In June 2000, Commerce and Krombach sold tract B for $1,380,000. Within several months the same tract was re-sold by the new owner to the City of St. Charles for $2,100,000. The new owner realized a profit of approximately $720,000.
Oliver Wilke served as a director on the Commerce Bank Board for approximately 30 years until his death in 1997. Prior to that, his father Otto Wilke served on the board. For several decades Oliver Wilke operated Wilke Dodge on First Capitol Drive where Commerce Bank now stands. The dealership was sold in the late 80’s, it moved to St. Peters and is now known at Zeiser Motors. Otto Wilke also owned the Orchard Farm Telephone Company that was operated from his home. His sister-in-law Julia Bennigman was the first telephone operator. In 1989 the Orchard Farm telephone Company was sold to TDS.
