TD Bank, N.A.

TD Bank, N.A.

Type	subsidiary of TD Bank Financial Group
Founded	March 31, 2008
Headquarters	Cherry Hill, New Jersey Portland, Maine[1]
Number of locations	1,100 branches[2]
Area served	Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, Washington, D.C.
Key people	Bharat Masrani, chief executive[3]
Industry	finance and insurance
Services	banking
Employees	15,000+
Website	tdbank.com

TD Bank, N.A. is an American bank holding company that offers banking, insurance, brokerage, and investment banking services in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, and Washington, D.C.. The bank was formed through the merger of TD Banknorth and TD Commerce Bank in 2008, with headquarters in Cherry Hill, New Jersey and Portland, Maine.^[1] The company is a part of TD Bank Financial Group.

History

On October 2, 2007 it was announced that Commerce Bancorp of New Jersey would be acquired by Toronto-Dominion Bank, the owner and operator of competitor TD Banknorth. The acquisition closed on March 31, 2008. All Commerce branches became TD Bank on October 31, 2008 after a slow phasing in of the TD name, logos, and colors in the branches. As of November 1, 2008; the Commerce Bank website [1], redirected to the new website, [2], which shows a change of color, from the traditional blue and red, to an all green and white website, featuring the same layout leaving no trace of Commerce Bank. At the same time Toronto-Dominion also rebranded many of the TD Banknorth branches in the Commerce business areas as TD Bank, while closing several branches that overlapped with Commerce branches in the same area. The rest of the TD Banknorth branches (in their New England base of operation) will begin rebranding in 2009. The bank embraces a retail approach to banking. The branches are called "stores" and have extended operation hours.

Creation

On October 2, 2007, TD Bank Financial Group (TDBFG) and Commerce Bancorp, Inc. announced that they had signed a definitive deal agreement for TDBFG to acquire Commerce Bank in a 75% stock and 25% cash transaction valued at US$8.5 billion.

Under the agreement, Commerce shareholders received 0.4142 shares of a TD common share and US$10.50 in cash in exchange for each common share of Commerce Bancorp Inc. The consideration was negotiated on the basis of US$42.00 per share value for Commerce Bank. The transaction value based on the October 1, 2007 closing price of TD common shares is $42.37.

Following the completion of the transaction, TDBFG expected to take a one time restructuring charge of approximately US$490 million pre-tax. The deal closed on March 31st, 2008, Commerce Bank employees were given a welcome kit with 2 TD pins (to replace the previous "C" pin worn by staff, a small bag of green M&Ms and a brochure of the history of TDBFG. ^{[4] [5]}

On March 20, 2008 the combined company announced they would be doing business as TD Commerce Bank after the merger, but as a result of a legal challenge in Massachusetts by Commerce Bank and Trust Company, a regional bank who competed directly with TD Banknorth in Massachusetts, over the use of the name, TDBFG decided not to go forward with its original rebranding plans. [3] Instead the Commerce Bank name, red "C" logo, and red theme will be retired and the branches will carry the brand name TD Bank, although the "America's Most Convenient Bank" tagline will remain (as was originally planned).

The plans for rolling out the TD Bank brand are on track. As mentioned above all Commerce Bank branches, as well as the New Jersey TD Banknorth branches, have been rebranded as TD Bank. In the TD Banknorth bank region, the rebranding will launch in fall 2009.

TD Banknorth, formerly "Banknorth", was a fully-owned subsidiary of Toronto-Dominion Bank. It conducts banking and insurance activities, primarily served the northeastern area of the United States. In August 2004, the Canadian Toronto-Dominion Bank became the majority owner, renaming it "TD Banknorth, N.A."; all remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20, 2007. The bank's headquarters are in Portland, Maine.

On April 10, 2008, TD Banknorth was merged with New Jersey-based Commerce Bank to form TD Bank, changing its legal name in June 2008.

See also

• TD Garden
• TD Bank Sports Center

Notes

External links

• TD Bank Official Website
• Case Study: Commerce Bank's Political Ties
• Announcing the name change to TD Bank