TD Bank Financial Group reports that it has received all regulatory approvals necessary to complete the acquisition of Commerce Bancorp, Inc. The transaction is expected to close in the next few weeks.
Back in October 2007, the two banks signed a definitive agreement for TD to acquire Commerce in a 75% stock and 25% cash transaction valued at US$8.5 billion.
“We’re delighted with this important milestone that brings us closer to officially welcoming Commerce Customers, Employees, and Shareholders into the
TD family,” said Ed Clark, TD Bank President and CEO.
“The combination of TD, TD Banknorth and Commerce is set to make us a truly North American powerhouse,” Clark.
The U.S. Federal Reserve Board on Thursday announced its approval of the proposal by TD to acquire Cherry Hill, N.J.-based Commerce.
TD granted approval for acquisition of Commerce Bancorp
US$8.5 billion deal expected to close in a few weeks
- By: IE Staff
- March 14, 2008 March 14, 2008
- 09:30
IE Staff