Hey all you Commerce Bank fans, you’re about to become TD Bank customers! No word on what exactly will change, but Canadian TD Bank announced today that it has purchased Commerce Bank for $8.5 billion.
“Acquiring Commerce Bank offers a singularly unique and compelling opportunity for our shareholders – one that is both a strategic fit and a superior value creation opportunity through accelerated organic growth. The combination of Commerce with TD Banknorth doubles the scale of our US banking business and accelerates our transformation to a leading North American financial institution,” said Ed Clark, President and Chief Executive Officer, TD Bank Financial Group. “Commerce brings an impressive geographic footprint and market share in a contiguous region and a complementary North American retail banking business model.”
Commerce Bank says:
“Our joining forces with TD Bank Financial Group opens the door to tremendous new growth opportunities,” said Dennis DiFlorio, Chairman, Commerce Bank N.A. “Combining TD’s broad array of sophisticated retail and commercial products with our unparalleled banking convenience is truly exciting. We are delighted for our customers, employees and shareholders.”
All we know is that they’d better keep those change machines. People love that sh*t.
TD Bank Financial Group to Acquire Commerce Bancorp Inc.(Press Release) [TD Bank]