TD Bank Financial acquires Commerce Bancorp for $8.5 billion

By Lisa Kerner

Charlotte, N.C., March 31 - TD Bank Financial Group completed its acquisition of Commerce Bancorp, Inc. as planned on Monday.

Together, TD Bank Financial and Commerce Bancorp expect to have 17 million customers, 2,700 retail branches and 5,000 automated teller machines, according to a TD Bank Financial news release.

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

Under the companies' merger agreement, 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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