New names coming to Commerce and TD

March 19, 2008 7:35:32 PM PDT
Commerce Bank branches will get makeovers and a new name - but retain their seven-day-a-week lobby hours - after the company's sale to TD Bank Financial Group is completed, the companies announced Wednesday. Toronto-based TD Bank is expected to close its purchase of Cherry Hill-based Commerce Bancorp, for $8.5 billion in cash and stock, around March 31, said Bharat Masrani, president and CEO of TD Banknorth, a TD bank subsidiary based in Portland, Maine.

The companies said that all their branches in the United States would take a new name, TD Commerce Bank, replacing TD Banknorth branches, mostly in New England, and Commerce branches that are mostly in the mid-Atlantic region.

The company said it will use TD's familiar green instead of Commerce's bold red on its logo.

But other hallmarks of Commerce will remain, including the free "Penny Arcade" coin counting machines, Sunday banking hours and the free dog biscuits and lollipops. The combined bank plans to retain Commerce's slogan, "America's Most Convenient Bank."

Masrani said that many Commerce executives will be retained.

The Commerce branches are to get overhauls starting this year; the change is scheduled to come for TD branches next year.

Each bank's customers will be able to use the other's ATMs with no fees starting April 10.


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