Despite growing concern over weakness in the U.S. economy, TD Bank Financial Group has boosted earnings forecasts for its operations south of the border.

The bank’s acquisition of New Jersey-based Commerce Bancorp closed on March 31. Today, TD announced it is expecting Commerce to contribute $750 million to the bank’s bottom line for the year ending October 31.

This is revised upward from previously released estimates of $700 million, and excludes all restructuring charges.

“We view the acquisition of Commerce Bancorp as a great acquisition,”said TD president and CEO Ed Clark, during a conference call with analysts this morning. “And when we put it together with TD Banknorth, we think we’ve obtained a great franchise in the United States.”

TD got into the U.S. banking market in 2005 with a partial purchase of Banknorth, and it later bought the final 43% of that bank in November 2006 in a deal worth $3.2 billion.

The recent cash-and-stock takeover of Commerce doubled TD’s consumer banking business.

“We’re very comfortable with the entry price we have ultimately paid for entry into the United States,” said Clark. “We are pleased that TD Commerce is going to be a source of earnings momentum for the TD Bank, even assuming the slowdown.”

“We’re not saying we can operate in the United States in a recession and not be impacted,” Clark told analysts and investors. “Obviously we will be, as will our commercial operations if the slowdown in the United States moves into Canada.”

The bank said that restructuring and integration charges of US$420 million “will impact TD’s income statement” over the next two to three years. As well, TD again noted that it expects cost savings of $310 million before tax, which will come into play before the end of fiscal 2009.

For fiscal 2009, TD said its target net income for its U.S. Personal and Commercial Banking unit will be $1.2 billion, which is unchanged from previous estimates.

TD Bank is scheduled to release results for the second quarter on May 28. And investor day is planned for June 19 in New Jersey.