Commerce Bancorp
Encyclopedia
TD Bank, N.A., is a national banking institution in the United States
(chartered and supervised by the federal Office of the Comptroller of the Currency) which offers bank
ing, insurance
, brokerage, and investment banking services in Connecticut
, Delaware
, Florida
, Maine
, Maryland
, Massachusetts
, New Hampshire
, New Jersey
, New York
, North Carolina
, Pennsylvania
, South Carolina
, Vermont
, Virginia
, and Washington, D.C.
The bank is a successor to the Portland Savings Bank, which started in Portland, Maine, in 1852, and later became Banknorth. The bank took its current name—TD Bank, N.A.—in 2008, through the acquisition and re-naming of Commerce Bank
and its subsequent merger with TD Banknorth
, resulting in co-headquarters in Cherry Hill, New Jersey
, and Portland, Maine
. The company is a part of Toronto-Dominion Bank
, which operates as TD Bank Financial Group (TDBFG) and is based in Toronto
, Ontario, Canada. The bank's "TD" initials, first popularized in Canada, are used officially for all American operations. The bank embraces a retail approach to banking; its branches are called "stores" and have extended operation hours.
area of the United States. On December 31, 2001, Banknorth Group, Inc., merged its seven subsidiary banks into one bank— Banknorth NA—under the Peoples Heritage Bank charter dating back to 1852, with one OCC
charter.
In August 2004, Toronto-Dominion Bank—which operates as TD Bank Financial Group—became the majority owner, renaming it "TD Banknorth, N.A." In connection with the transaction, Banknorth changed its name to TD Banknorth Inc. and reincorporated in Delaware. In July, 2005, TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey (which took over the Middletown Savings Bank locations in New York). The acquisition expanded TD Banknorth’s presence in New York and extended the franchise into northern New Jersey
and Philadelphia. In April 2006, TD Banknorth announced acquisition of Interchange Financial Services Corp., adding 30 branches in the New Jersey counties of Bergen and Essex.
Banknorth added a sister company, TD Ameritrade
, which was formed after the Ameritrade Holding Corporation acquired TD Waterhouse USA from Toronto-Dominion Bank in 2006. On November 20, 2006, TD Bank Financial Group (TDBFG) and TD Banknorth entered into an agreement in which TDBFG would acquire all remaining shares of TD Banknorth. This was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TDBFG, with the bank's headquarters in Portland, Maine.
On October 2, 2007, TDBFG and Commerce Bancorp, Inc. of New Jersey announced that they had signed a definitive agreement for TDBFG to acquire Commerce Bank in a 75% stock and 25% cash transaction valued at US$8.5 billion.
Under the agreement, Commerce shareholders received 0.4142 shares of a TDBFG common share and US$10.50 in cash in exchange for each common share of Commerce Bancorp Inc. The consideration was negotiated on the basis of US$42.00 per share value for Commerce Bank. The transaction value, based on the October 1, 2007 closing price of TDBFG common shares, was $42.37.
Following the completion of the transaction, TDBFG expected to take a one-time restructuring charge of approximately US$490 million pre-tax. The deal closed on March 31, 2008. Commerce Bank employees were given a welcome kit with 2 TD pins (to replace the previous "C" pin worn by staff), a small bag of green M&Ms, and a brochure of the history of TDBFG.
On March 20, 2008, the combined company announced it would be doing business in the United States as "TD Commerce Bank" after the merger. A TD Banknorth competitor, Commerce Bank & Trust Company
, of Worcester, Massachusetts, filed a lawsuit against TD Banknorth, to bar the bank from using the name TD Commerce Bank in its existing Massachusetts branches. On May 2, 2008, federal Judge F. Dennis Saylor granted a preliminary injunction, prohibiting the use of the TD Commerce name in Massachusetts branches. As a result, TDBFG decided not to go forward with its original rebranding plans. Instead, it decided that the "Commerce Bank" name, red "C" logo, and red theme would be retired and the branches would carry the brand name "TD Bank," although the "America's Most Convenient Bank" tagline would remain (as was originally planned).
All Commerce branches became TD Bank on October 31, 2008, after a slow phasing in of the TD name, logos, and colors in the branches. As of November 1, 2008, the Commerce Bank website redirected to the TD Bank website. At the same time, Toronto-Dominion also rebranded many of the TD Banknorth branches in the Commerce business areas as TD Bank, while closing several branches that overlapped with Commerce branches in the same area. In the TD Banknorth bank region, the rebranding occurred in September 2009, which completed the merger of the two banks under the TD Bank brand name.
, for $192 million. The South Financial Group owned Carolina First in North and South Carolina and Mercantile Bank in Florida. The transaction added 176 locations to TD Bank's branch network in the Southeastern United States
and expanded TD's footprint to include North Carolina and South Carolina. Both banks operated under their existing names as trade names of TD Bank, N.A., pending the completion of the deal. Shareholders of The South Financial Group were to receive $61 million in cash, while the U.S. Treasury would receive $131 million. The deal, approved by The South Financial Group shareholders September 28, 2010, was expected to mean a $216 million loss to taxpayers, since the company received $347 million in bailout money. On September 30, 2010, TD Bank Group completed the acquisition and merged Carolina First Bank and Mercantile Bank with TD Bank, N.A. The re-branding of branches occurred in June 2011.
On December 21, 2010, it was announced that TDBFG would purchase Chrysler Financial. The unit would later operate under the name TD Auto Finance.
and Kelly Ripa
appeared in TV commercials prior to 2011, starting with the change from Commerce Bank in 2008. With Philbin announcing his retirement, it was possible these commercials would end. A TD spokesperson said, "Regis and Kelly have been great ambassadors for us over the year."
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
(chartered and supervised by the federal Office of the Comptroller of the Currency) which offers bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
, brokerage, and investment banking services in Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
, Delaware
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Maine
Maine
Maine is a state in the New England region of the northeastern United States, bordered by the Atlantic Ocean to the east and south, New Hampshire to the west, and the Canadian provinces of Quebec to the northwest and New Brunswick to the northeast. Maine is both the northernmost and easternmost...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, New Hampshire
New Hampshire
New Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
, Vermont
Vermont
Vermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, and Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
The bank is a successor to the Portland Savings Bank, which started in Portland, Maine, in 1852, and later became Banknorth. The bank took its current name—TD Bank, N.A.—in 2008, through the acquisition and re-naming of Commerce Bank
Commerce Bancorp
TD Bank, N.A., is a national banking institution in the United States which offers banking, insurance, brokerage, and investment banking services in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina,...
and its subsequent merger with TD Banknorth
TD Banknorth
TD Banknorth, formerly just Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine...
, resulting in co-headquarters in Cherry Hill, New Jersey
Cherry Hill, New Jersey
Cherry Hill is a township in Camden County, New Jersey, in the United States. As of the 2010 United States Census, the township had a population of 71,045, representing an increase of 1,080 from the 69,965 residents enumerated during the 2000 Census...
, and Portland, Maine
Portland, Maine
Portland is the largest city in Maine and is the county seat of Cumberland County. The 2010 city population was 66,194, growing 3 percent since the census of 2000...
. The company is a part of Toronto-Dominion Bank
Toronto-Dominion Bank
The Toronto-Dominion Bank , is the second-largest bank in Canada by market capitalization and based on assets. It is also the sixth largest bank in North America. Commonly known as TD and operating as TD Bank Group, the bank was created in 1955 through the merger of the Bank of Toronto and the...
, which operates as TD Bank Financial Group (TDBFG) and is based in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, Ontario, Canada. The bank's "TD" initials, first popularized in Canada, are used officially for all American operations. The bank embraces a retail approach to banking; its branches are called "stores" and have extended operation hours.
Creation
On May 10, 2000—after various mergers and acquisitions—Banknorth Group Inc. of Portland, Maine ("Banknorth") came into being, as a holding company for banking and insurance activities, primarily serving the New EnglandNew England
New England is a region in the northeastern corner of the United States consisting of the six states of Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut...
area of the United States. On December 31, 2001, Banknorth Group, Inc., merged its seven subsidiary banks into one bank— Banknorth NA—under the Peoples Heritage Bank charter dating back to 1852, with one OCC
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
charter.
In August 2004, Toronto-Dominion Bank—which operates as TD Bank Financial Group—became the majority owner, renaming it "TD Banknorth, N.A." In connection with the transaction, Banknorth changed its name to TD Banknorth Inc. and reincorporated in Delaware. In July, 2005, TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey (which took over the Middletown Savings Bank locations in New York). The acquisition expanded TD Banknorth’s presence in New York and extended the franchise into northern New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
and Philadelphia. In April 2006, TD Banknorth announced acquisition of Interchange Financial Services Corp., adding 30 branches in the New Jersey counties of Bergen and Essex.
Banknorth added a sister company, TD Ameritrade
TD Ameritrade
TD Ameritrade is an American online broker with over 6 million U.S. customers, and many more internationally, that has grown rapidly through acquisition to become the 746th-largest US firm in 2008. TD Ameritrade Holding Corporation is the owner of TD Ameritrade Inc...
, which was formed after the Ameritrade Holding Corporation acquired TD Waterhouse USA from Toronto-Dominion Bank in 2006. On November 20, 2006, TD Bank Financial Group (TDBFG) and TD Banknorth entered into an agreement in which TDBFG would acquire all remaining shares of TD Banknorth. This was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TDBFG, with the bank's headquarters in Portland, Maine.
On October 2, 2007, TDBFG and Commerce Bancorp, Inc. of New Jersey announced that they had signed a definitive agreement for TDBFG to acquire Commerce Bank in a 75% stock and 25% cash transaction valued at US$8.5 billion.
Under the agreement, Commerce shareholders received 0.4142 shares of a TDBFG common share and US$10.50 in cash in exchange for each common share of Commerce Bancorp Inc. The consideration was negotiated on the basis of US$42.00 per share value for Commerce Bank. The transaction value, based on the October 1, 2007 closing price of TDBFG common shares, was $42.37.
Following the completion of the transaction, TDBFG expected to take a one-time restructuring charge of approximately US$490 million pre-tax. The deal closed on March 31, 2008. Commerce Bank employees were given a welcome kit with 2 TD pins (to replace the previous "C" pin worn by staff), a small bag of green M&Ms, and a brochure of the history of TDBFG.
On March 20, 2008, the combined company announced it would be doing business in the United States as "TD Commerce Bank" after the merger. A TD Banknorth competitor, Commerce Bank & Trust Company
Commerce Bank & Trust Company
Commerce Bank & Trust Company is an independently owned and operated financial institution based in Worcester, Massachusetts, with 13 branches located throughout central Massachusetts...
, of Worcester, Massachusetts, filed a lawsuit against TD Banknorth, to bar the bank from using the name TD Commerce Bank in its existing Massachusetts branches. On May 2, 2008, federal Judge F. Dennis Saylor granted a preliminary injunction, prohibiting the use of the TD Commerce name in Massachusetts branches. As a result, TDBFG decided not to go forward with its original rebranding plans. Instead, it decided that the "Commerce Bank" name, red "C" logo, and red theme would be retired and the branches would carry the brand name "TD Bank," although the "America's Most Convenient Bank" tagline would remain (as was originally planned).
All Commerce branches became TD Bank on October 31, 2008, after a slow phasing in of the TD name, logos, and colors in the branches. As of November 1, 2008, the Commerce Bank website redirected to the TD Bank website. At the same time, Toronto-Dominion also rebranded many of the TD Banknorth branches in the Commerce business areas as TD Bank, while closing several branches that overlapped with Commerce branches in the same area. In the TD Banknorth bank region, the rebranding occurred in September 2009, which completed the merger of the two banks under the TD Bank brand name.
Subsequent acquisitions
On May 17, 2010, TDBFG announced the purchase of The South Financial Group, based in Greenville, South CarolinaGreenville, South Carolina
-Law and government:The city of Greenville adopted the Council-Manager form of municipal government in 1976.-History:The area was part of the Cherokee Nation's protected grounds after the Treaty of 1763, which ended the French and Indian War. No White man was allowed to enter, though some families...
, for $192 million. The South Financial Group owned Carolina First in North and South Carolina and Mercantile Bank in Florida. The transaction added 176 locations to TD Bank's branch network in the Southeastern United States
Southeastern United States
The Southeastern United States, colloquially referred to as the Southeast, is the eastern portion of the Southern United States. It is one of the most populous regions in the United States of America....
and expanded TD's footprint to include North Carolina and South Carolina. Both banks operated under their existing names as trade names of TD Bank, N.A., pending the completion of the deal. Shareholders of The South Financial Group were to receive $61 million in cash, while the U.S. Treasury would receive $131 million. The deal, approved by The South Financial Group shareholders September 28, 2010, was expected to mean a $216 million loss to taxpayers, since the company received $347 million in bailout money. On September 30, 2010, TD Bank Group completed the acquisition and merged Carolina First Bank and Mercantile Bank with TD Bank, N.A. The re-branding of branches occurred in June 2011.
On December 21, 2010, it was announced that TDBFG would purchase Chrysler Financial. The unit would later operate under the name TD Auto Finance.
Advertising
Regis PhilbinRegis Philbin
Regis Francis Xavier Philbin is an American media personality, actor and singer, known for hosting talk and game shows since the 1960s. Philbin is often called "the hardest working man in show business" and holds the Guinness World Record for the most time spent in front of a television camera...
and Kelly Ripa
Kelly Ripa
Kelly Ripa is an American actress and television host. Since February 2001, she has served as the co-host of talk show Live with Regis and Kelly, along with Regis Philbin and now solo host of Live! With Kelly...
appeared in TV commercials prior to 2011, starting with the change from Commerce Bank in 2008. With Philbin announcing his retirement, it was possible these commercials would end. A TD spokesperson said, "Regis and Kelly have been great ambassadors for us over the year."
Mascot
The bank introduced its new mascot—named “TD”—in June 2010, at the TD Bank Philadelphia International Cycling ChampionshipPhiladelphia International Championship
The Philadelphia International Championship is an annual bicycle race held in Philadelphia, Pennsylvania. It is described as "America's top international cycling classic, and one of the richest and most prestigious one day races outside of Europe." It is one of the longest single-day races in the...
.
Years opened in respective states
- ConnecticutConnecticutConnecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
: 1972 - DelawareDelawareDelaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
: 1986 - FloridaFloridaFlorida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
: 1997 - MaineMaineMaine is a state in the New England region of the northeastern United States, bordered by the Atlantic Ocean to the east and south, New Hampshire to the west, and the Canadian provinces of Quebec to the northwest and New Brunswick to the northeast. Maine is both the northernmost and easternmost...
: 1852 - MarylandMarylandMaryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
: 1988 - MassachusettsMassachusettsThe Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
: 1965
- New HampshireNew HampshireNew Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...
: 1854 - New JerseyNew JerseyNew Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
: 1978 - New YorkNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
: 1976 - North CarolinaNorth CarolinaNorth Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
: 2010 - PennsylvaniaPennsylvaniaThe Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
: 1978
- Rhode IslandRhode IslandThe state of Rhode Island and Providence Plantations, more commonly referred to as Rhode Island , is a state in the New England region of the United States. It is the smallest U.S. state by area...
: 1970 - South CarolinaSouth CarolinaSouth Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
: 2010 - VermontVermontVermont is a state in the New England region of the northeastern United States of America. The state ranks 43rd in land area, , and 45th in total area. Its population according to the 2010 census, 630,337, is the second smallest in the country, larger only than Wyoming. It is the only New England...
: 1870 - VirginiaVirginiaThe Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
: 1997 - Washington, D.C.Washington, D.C.Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
: 1997
See also
- TD Garden (Boston, Massachusetts)
- TD Bank Sports Center (Hamden, Connecticut)
- TD Bank Ballpark (Bridgewater, New Jersey)
- TD Ameritrade Park Omaha (Nebraska)
External links
- TD Bank official website
- TD Bank Locations