M&A Deal Summary

TD Bank Acquires Commerce Bancorp

On October 2, 2007, TD Bank acquired financial services company Commerce Bancorp for 8.5B USD

Acquisition Highlights
  • This is TD Bank’s 2nd transaction in the Financial Services sector.
  • This is TD Bank’s largest (disclosed) transaction.
  • This is TD Bank’s 2nd transaction in the United States.
  • This is TD Bank’s 2nd transaction in New Jersey.

M&A Deal Summary
Date 2007-10-02
Target Commerce Bancorp
Sector Financial Services
Buyer(s) TD Bank
Deal Type Add-on Acquisition
Deal Value 8.5B USD
Advisor(s) Goldman Sachs (Financial)
Sullivan & Cromwell (Legal)

Target

Commerce Bancorp

Cherry Hill, New Jersey, United States
Commerce Bank is a retailer of financial services with almost 460 convenient stores in Metropolitan New York, Metropolitan Philadelphia, Metropolitan DC and Southeast Florida. Commerce Bancorp is headquartered in Cherry Hill, New Jersey.

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Buyer(S) 1

Buyer

TD Bank

Toronto, Ontario, Canada
Category Company
Founded 1855
Sector Financial Services
Employees102,853
Revenue 52.9B CAD (2023)
DESCRIPTION
TD Bank branch in Bangor, Maine.
TD Bank branch in Bangor, Maine.

TD Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is a large bank North American bank serving customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank was incorporated in 1855 and is based in Toronto, Canada.

DEAL STATS #
Overall 2 of 10
Sector (Financial Services) 2 of 9
Type (Add-on Acquisition) 1 of 7
State (New Jersey) 2 of 2
Country (United States) 2 of 8
Year (2007) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-22 TD Waterhouse USA

United States

TD Waterhouse USA is a provider of electronic brokerage services to retail investors.

Sell $2.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-17 The South Financial Group

Greenville, South Carolina, United States

The South Financial Group consists of Carolina First Bank, which operates under the Carolina First brand in the Carolinas and the Mercantile Bank, which operates in Florida.

Buy $61M
Mergr

Product

Company

Legal