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TD Bank Financial sets closing date for acquisition of Commerce Bancorp
By Lisa Kerner
Charlotte, N.C., March 20 - TD Bank Financial Group's acquisition of Commerce Bancorp, Inc. is slated to close on March 31, according to a TD Bank Financial news release.
As previously reported, TD Bank Financial agreed to acquire Commerce Bancorp in a 75% stock and 25% cash deal valued at $8.5 billion.
Commerce Bancorp shareholders will receive 0.4142 of a share of TD Bank Financial common stock and $10.50 in cash per share.
Cherry Hill, N.J.-based Commerce Bancorp is the holding company for Commerce Bank, NA and Commerce Bank/North.
Based in Toronto, the TD Bank Financial Group consists of the Toronto-Dominion Bank and its subsidiaries.
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