More Hoboken bank mergers

I wonder if the “Commerce Bank & Starbucks” corner will change names now?

TD Bank to Buy Commerce for $8.5 Billion

After 34 years as an independent bank, Commerce Bancorp Inc. (NYSE: CBH) today announced it will be bought by Toronto’s TD Bank Financial Group (TSX and NYSE: TD) in an $8.5 billion cash-and-stock deal.

commerce-bank-tall-guy-2.JPG

The deal follows reports that Cherry Hill-based Commerce might be up for grabs following the resignation of its founder, president and chairman Vernon Hill II. A former real estate developer, Hill stepped down in the wake of federal investigations into cozy business deals—worth tens of millions of dollars—between the publicly held financial institution and companies that were controlled by Hill and his wife, Shirley.

The acquisition of Commerce will double TD Banknorth’s U.S. operations, according to Ed Clark, president and chief executive officer of the Canadian bank. He says the transaction—which is expected to close by April 2008 subject to approvals from Commerce shareholders and U.S. and Canadian regulatory authorities—will give TD Bank Financial Group more than 2,000 branches in North America and about $250 billion of deposits.

The agreement will give Commerce shareholders 0.4142 shares of a TD common share and $10.50 in cash in exchange for each common share of Commerce Bancorp Inc. TD Bank Financial Group expects to take a one-time restructuring charge of approximately $490 million.

Leave a Reply

9 Comments on "More Hoboken bank mergers"

zxcv
Member
zxcv

[quote comment=”46527″]Surely this will mean the closure of at least one Hoboken bank branch.. Don’t we have at least 2 TD’s already?[/quote]

There are currently 3 TDs, and they will be dissolving the Commerce Bank brand, which will make 4 TDs.

The folks at TD seem to think that one of the existing TDs will be closed since the Commerce bank branch is such a great building/prestigious location.

As a point of interest (if you’re bored), Hudson United Bank once had 7 branches in town after they bought a rival (can’t remember the name), including one in what is now Starbucks. They closed 4 and had 3 when TD bought them.

hobojoe
Member

[quote comment=”46518″]I hope their service doesn’t suffer as a result, like it did at the Fleet branches when they were bought by Bank of America.[/quote]

It was bad enough when Fleet bought NatWest. Then it went from bad to worse when Bank of America bought Fleet.

After Fleet bought NatWest I moved half of my accounts to Summit. Once Bank of America bought Fleet I moved everything to Summit. Wouldn’t you know that Bank of America bought Summit shortly thereafter. So now I’m with TD and have no real complaints, except that the staff at the old HUB branches is just as lethargic as they were when it was HUB.

sah
Member

Christ, just when I thought I got rid of Hudson United Bank forever. They were the WORST BANK EVER and I was so happy when I switched to Commerce Bank. From what I see, TD BankNorth is no better than HUB was. Now they’re all one and the same. I REALLY hope they don’t change Commerce: the Sunday hours, the lack of nickel and diming the customer, the fact that checks deposited today clear tomorrow. What a bummer!

TimmyGUNZ
Member
TimmyGUNZ

Just please keep the change machines!!!!

tehdiplomat
Member

What is TD hours? I hope they move to the 7pm closing time that Commerce has. It’d be frustrating for the bank to be open less hours because of a merger.

wpDiscuz