"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.

Commerce Bank was founded with a single branch in 1973 by Vernon Hill, and still had just 18 branches in 1988. With unusual hours, décor and services, Hill brought a retail aura to the banking world--the company internally commonly refers to its branches as "stores." Hill departed Commerce earlier this year after federal regulators forced the company to stop doing business with companies controlled by members of his family.