TD Bank Buys Commerce Bank For $8.5 Billion

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]
(Photo:Ben Popken)

Comments

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  1. GiselleBeardchen says:

    Will Mr. Drysdale and Miss Hathaway still be there?

  2. Hanke says:

    This scares me. Commece account has a minimum balance of an incredibly reasonable $100 for their free checking. I do not want to change baks again, because every time I have been a bank customer, and that bank has had a merger, well, the fees skyrtocket and the service goes to hell.

    Commerce has been a fantastic opposite of this trend.

  3. HeyThereKiller says:

    This scares me because TD Banknorth claims that I owe them $300… and I cant open a new bank account because of that… I hope they dont fuck with my Commerce account!!

  4. QueenHawkeye says:

    Nooooo! They better not shut down those commerce bank gift/credit cards with limits. I love those things.

  5. TechnoDestructo says:

    Is it too late to replace the picture with a Jawa?

  6. skittlbrau says:

    as long as the change counting remains free, i’m cool :)

  7. GenXCub says:

    See what happens when the canadian dollar goes up?

  8. vaxman says:

    You’re all gonna fry if you switch to TD, not becasue I’m going to do anything threatening, but becasue you’re going to stick your head in the microwave trying to make the TD pain go away. TD is know for making your bank account balance change for a few days, making you cover any NSF fees you get in the mean time, then magically, your funds return a few days later.

    Only thing I can say is HA, SUCKERS!!!!!

  9. Simpoleca says:

    all your bank, belong to us.

    TD is cool… I use them up here where the Eskimo can roam free and icecubes come from the tap..

    They have great hours and have won numerous awards for their customer service (pitting banks against bank)

    BTW.. Look forward to more Canadian companies purchasing American ones..with our “monopoly” money worth more then the greenback tis the season to go shopping!

    Simpoleca

  10. Exek says:

    Here in the northeast “North Of Boston” TDBankNorth Sucks. The only thing they have good is the hours. When it used to be Andover Bank customer service was great. Now its another story. Good Luck Commerce Customers.

  11. NoWin says:

    I’ve always used TD on PEI (Prince Edward Is.) on vacations, and have excellent customer service experiences.

    However, their TDBankNorth here in Massachusetts is not up to the same par.

  12. azntg says:

    I was seriously considering opening a second checking account(their WOW checking looks attractive) and a credit card line with Commerce Bank (I would like a Visa network card without fees everywhere), but I guess I’d better drop that idea for now.

    I was thinking maybe current customers will get grandfathered in for service, but then again there’s no way in hell TD would sustain Commerce’s customer friendly practices, I’m sure it’ll be too costly and unbusiness-like for them.

  13. LeopardSeal says:

    Excellent… The takeover of the US by Canada is proceding according to plan. You’ll rue the day your dollar slipped below ours.

  14. ChaosMotor says:

    Great, just what we need is LESS choice in banks.

  15. Averox says:

    Boy, I hope they don’t screw up anything in the merger or whatever is going to happen. I like my Commerce Bank service in PA and NJ.

  16. Benny Gesserit says:

    @onrampofframp: Yes, they blinked. Bwah ha ha ha

    I’ve banked with TD since they took over my trust company many years ago and had very little to complain about. Customer service is quite good (although this is the first time I’ve heard their BankNorth brand wasn’t up to scratch.)

    When they acquire a company (at least up here) they take a good look at the products/policies they’re buying and tend to retain the good ones. (That’s where they got the cool “open long hours” policy – when the bought CanadaTrust, they adopted their hours.)

  17. Morton Fox says:

    If Commerce Bank service goes bad after the merger then that will finally give me the kick in the rear to go check out the local credit union, which I haven’t had a reason to take a look at all those years because of Commerce Bank.

  18. disneyfreak73 says:

    I have been a Commerce Bank patron for 13 years. And now I will take my business to their biggest competitor. They charged me an UAF fee for charges that were pending. Claiming that a 90.00 check made my balance negative. Even on my statement it shows that I never had a negative balance. These people have become real assholes. Along with the merge they must have replaced all the intelliget people with the morons of the world.

  19. sambx says:

    TD Banknorth used to be a good bank. I signed up for a “free” checking, no minimums, no monthly charges, etc. Then it all changed with no warning. This caused my account to overdraw. Then if you don’t pay it, they tack on another $35.00 every five days. Well I fought back and won. If it happens to any of you – fight back. Here is the contact information for Banknorth. Businesses count on consumers being doormats, after all we have been tolerating exceedingly bad customer service over the past years. It is time to demand customer service as it used to be in the United States. Banknorth will also deduct the largest debit first that way all the smaller ones will accumulate $35.00 fees for each one, regardless of whether it is $1.00 or whatever. They do not make deductions or credits based on the date and time of the activity. They make it based on what will get the most number of fees for Banknorth.

    Bottom line is I wouldn’t bank with td Banknorth again, no matter what. Banks used to be where you put your money to keep it safe – not anymore. Banks such as td Banknorth abuse their customers in order to generate the largest amount of fees. They do not give a rat’s whatever about the customer.

    You are much better off banking with a local community bank or credit union, not a large conglomerate based in a foreign country – yes Canada is a foreign company. At this stage of the game we should only be supporting American based companies anyway. While it is nice to have the convenience of having “your” bank everywhere you go – it is not so nice when they attempt to steal from their customers.

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