TD Bank Financial Group to Acquire Commerce Bancorp

"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."

The addition of Commerce Bank would give TD Bank Financial Group more than 2,000 branches in North America and approximately one-quarter of a trillion dollars in deposits, making it the first bank with critical mass in both the Canadian and US markets. TD Bank Financial Group will become the seventh largest bank in North America as measured by branch locations.

"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."