TD Bank Financial Group To Acquire Commerce Bank

New Jersey Business, Nov 2007

TD Bank Financial Group (TDBFG) and Commerce Bancorp, Cherry Hill, signed a definitive agreement for TDBFG to acquire Commerce Bank in a 75 percent stock and 25 percent cash transaction valued at $8.5 billion.

"Acquiring Commerce Bank offers a singularly unique and compelling opportunity for our shareholders, one that is both a strategic fit and a superior value creation opportunity through accelerated organic growth," said Ed Clark, president and CEO, TD Bank Financial Group. "The combination of Commerce with TD Banknorth doubles the scale of our U.S. banking business and accelerates our transformation to a leading North American financial institution.

The addition of Commerce Bank would give TD Bank Financial Group more than 2,000 branches in North America and approximately one-quarter of a trillion dollars in deposits, making it the first bank with critical mass in both the Canadian and U.S. markets. TD Bank Financial Group will become the seventh largest bank in North America as measured by branch locations.

"Our joining forces with TD Bank Financial Group opens the door to tremendous new growth opportunities," said Dennis DiFlorio, chairman, Commerce Bank N.A. "Combining TD's broad array of sophisticated retail and commercial products with our unparalleled banking convenience is truly exciting."

When Vernon Hill, II, the former chairman, president and CEO of Commerce Bank was interviewed by New Jersey Business magazine for a January 2004 article, he noted Commerce Bank started with a single branch in 1973. Today, in 2007, it has more than 450 stores.

While Hill is no longer at Commerce's helm, many say Commerce Bank, under his long-time direction, influenced the banking landscape by offering convenient hours and an overall customer-service-emphasized approach.