CHERRY HILL, NJ and TORONTO, Feb. 6 /CNW/ - Commerce Bancorp, Inc. (NYSE:
CBH) and TD Bank Financial Group (TSX, NYSE: TD) today announced that at a
special shareholder meeting held today Commerce shareholders approved the
proposed acquisition by TDBFG.
"This is a tremendous opportunity for our customers, employees and
shareholders," said Dennis DiFlorio, Chairman, Commerce Bank, N.A. "Joining
forces with TD will give us access to a wide range of sophisticated retail,
commercial and wealth management products. We're looking forward to sharing
these and the many other benefits of this new collaboration with our
"This is an exciting time in the history of our organizations," said
Bharat Masrani, President and Chief Executive Officer of TD Banknorth. "We are
creating a unique franchise centered on convenience and service and I am
incredibly optimistic about our future."
"We're pleased that Commerce shareholders have recognized the long-term
potential of combining two of the most customer-focused banks in North
America," said Ed Clark, TD Bank Financial Group President and Chief Executive
Officer. "We look forward to having Commerce employees join the TDBFG family,
and we're tremendously excited about together creating the first truly North
The transaction is expected to close by the end of the first calendar
quarter of 2008, subject to approvals from regulatory authorities.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group serves more than 14 million
customers in four key businesses operating in a number of locations in key
financial centres around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust; Wealth Management, including TD Waterhouse and an
investment in TD Ameritrade; U.S. Personal and Commercial Banking through TD
Banknorth; and Wholesale Banking, including TD Securities. TD Bank Financial
Group also ranks among the world's leading on-line financial services firms,
with more than 4.5 million on-line customers. TD Bank Financial Group had
CDN$422 billion in assets as of October 31, 2007. The Toronto-Dominion Bank
trades on the Toronto and New York Stock Exchanges under the symbol "TD", as
well as on the Tokyo Stock Exchange.
About Commerce Bancorp, Inc.
Commerce Bank, "America's Most Convenient Bank," is a leading retailer of
financial services with more than 470 convenient stores in Metropolitan New
York, Metropolitan Philadelphia, Metropolitan DC and Southeast Florida.
Headquartered in Cherry Hill, New Jersey, Commerce Bancorp (NYSE: CBH) has
approximately $49 billion in assets. For more information about Commerce,
please visit the company's interactive financial resource center at
For further information:
For further information: Simon Townsend, TD Bank Financial Group, (416)
944-7161; David Flaherty, Commerce Bancorp, Inc., (856) 751-4069