TD Banknorth - Continued Growth

Continued Growth

In July 2005, TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey. Hudson United had earlier acquired the Middletown Savings Bank locations in New York. The acquisition significantly expanded TD Banknorth’s presence in both Connecticut and New York and extended the franchise into northern New Jersey and Philadelphia as well.

TD Banknorth announced acquisition of Interchange Financial Services Corp in April 2006, adding 30 branches in Bergen and Essex counties of New Jersey.

In January 2006, the company finalized acquisition of Boothby & Bartlett Company, a central Maine insurance agency in Waterville.

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 and TD Banknorth entered into an agreement in which TD Bank would acquire all remaining shares of TD Banknorth held by the public for US$32.33 per share in cash. This was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TD Bank.

On October 2, 2007, Toronto-Dominion announced its plans to acquire Cherry Hill, New Jersey–based Commerce Bancorp, pending shareholder and regulatory approval. The combined company was to be known as TD Commerce Bank, but in March 2008 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. Toronto-Dominion then dropped plans to add the Commerce name to its banking operation and instead chose to operate all its branches as "TD Bank".