CHERRY HILL, NJ-With 460 branches and $47 billion in assets, Commerce Bancorp is New Jersey's largest home-based bank. Now, it's going to become part of Toronto-based TD Bank's growing financial empire. The two companies have signed a definitive agreement for the latter to acquire the former in a 75% stock and 25% cash deal valued at $8.5 billion.
“Acquiring Commerce Bank offers a unique and compelling opportunity for our shareholders,” says TD Bank president and CEO Ed Clark in a statement. “The combination of Commerce and TD Banknorth doubles the scale of our US banking business and accelerates our transformation to a leading…financial institution.”
“Our joining forces with TD Bank…opens the door to tremendous new growth opportunities,” says Dennis DiFlorio, Commerce's chairman, in a statement.
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