TD Banknorth Privatization Transaction Closed

    PORTLAND, ME and TORONTO, April 20 /CNW/ - TD Banknorth Inc. (NYSE:   BNK)
and TD Bank Financial Group (TSX, NYSE:   TD) today announced that they have
received all regulatory approvals necessary to complete the privatization of
TD Banknorth. As a result the transaction closed today, April 20, 2007.
    TD Bank Financial Group and TD Banknorth also announced that they will
hold an investor call and webcast May 7, 2007. The call will feature
presentations by TDBFG executives on TD Banknorth earnings and strategy and
will be followed by a question and answer period with analysts. The call will
be webcast live via TDBFG's website at 11:00 am ET, and is expected to last
about 60 minutes.
    The presentation material to be referenced during the call will be
available on TDBFG's Investor Relations website at on May 7, 2007, by approximately 11:00 am.
ET. A listen-only telephone line is available at: 416-644-3417 or toll-free
at: 1-800-732-9307.
    In addition, recordings of the presentations will be archived at following the webcast and will be
available for replay for a period of one month. Please call 1-877-289-8525
toll free or (416-640-1917 locally). The passcode is 21226460 (pound key).

    The presentations may contain forward-looking statements including
statements regarding the business and anticipated financial performance of TD
Bank Financial Group. Forward-looking statements are subject to a number of
risks and uncertainties that may cause actual results to differ materially
from those contemplated by the statements. Therefore, forward-looking
statements should be considered carefully and undue reliance should not be
placed on them.

    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$408 billion in assets, as of January 31, 2007. The Toronto-Dominion Bank
trades on the Toronto and New York Stock Exchanges under the symbol "TD."

    About TD Banknorth
    TD Banknorth Inc. is a leading banking and financial services company
headquartered in Portland, Maine and a wholly-owned subsidiary of TD Bank
Financial Group. At December 31, 2006, TD Banknorth had $40 billion of total
consolidated assets. TD Banknorth's banking subsidiary, TD Banknorth, N.A.,
operates banking divisions in Connecticut, Maine, Massachusetts, New
Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth and TD
Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth
management, merchant services, mortgage banking, government banking, private
label credit cards, insurance premium financing and other financial services
and offers investment products in association with PrimeVest Financial
Services, Inc. For more information, visit

For further information:

For further information: Neil Parmenter, TD Bank Financial Group, (416)
982-4285; Jeff Nathanson, TD Banknorth, (207) 761-8517

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