TD Bank Buys Commerce Bancorp in $8.5 billion Deal
Canadian bank TD Bank is buying Commerce Bancorp to increase its presence in the U.S. The deal will roughly double the number of TD branches in the States.
Canada’s TD Bank Financial Group (NYSE: TD) announced today it would pay $8.5 billion in cash and stock for Commerce Bancorp Inc., the $48 billion-asset bank with about 460 branches in the Northeast and Florida.
Top 3 Reasons to Utilize Sentinel's eCollections Suite
- Full-featured collections management system
- Technically superior delivery platforms
- Unique and affordable cost structure
The deal will roughly double the number of U.S. branches operated by TD Bank, according to a statement from CEO Ed Clark.
“Commerce gives us scale in the Mid-Atlantic and will allow us to turbo charge our organic growth strategy,” Bharat Masrani, TD Banknorth CEO, told the MarketWatch news service. TD Banknorth is the bank’s U.S. division.
Toronto-based TD Bank is one of Canada’s big five banks, with assets of $404 billion.
TD Bank also agreed to negotiate to sell Commerce’s insurance division to its founder George E. Norcross.
The deal is scheduled to close next spring pending regulatory approval.
Be the First To Comment
(Please read our comments policy first.)
Tell us what topics you're interested in and we'll keep you posted. Enter your email address below.
Topics:
Related Resources
News
Analysis
Publications
Research
Products and Services
