Shareholder approval brings Commerce Bancorp, TD Bank merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Feb. 6 - Commerce Bancorp, Inc. shareholders voted in favor of the company's acquisition by TD Bank Financial Group at a special meeting held Wednesday.

The transaction is expected to close by the end of the first quarter, according to a company news release.

TD Bank Financial agreed to acquire Commerce Bancorp in a 75% stock and 25% cash deal valued at $8.5 billion.

As previously reported, Commerce Bancorp shareholders will receive 0.4142 of a share of TD Bank Financial common stock and $10.50 in cash per share.

Cherry Hill, N.J.-based Commerce Bancorp is the holding company for Commerce Bank, NA and Commerce Bank/North.

Based in Toronto, the TD Bank Financial Group consists of the Toronto-Dominion Bank and its subsidiaries.

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