TD Banknorth Inc., headquartered in Portland, Maine, is acquiring Interchange Financial Services Corporation for $480.6 million in an all cash transaction.
Headquartered in Saddle Brook, New Jersey, Interchange had $1.6 billion in assets and $1.3 billion in deposits at December 31, 2005 and operates 30 branches in Bergen and Essex counties.
“We are pleased to continue our expansion in the wealthy and dynamic market of northern New Jersey,” said William J. Ryan, TD Banknorth chairman, president and chief executive officer. “This is an excellent complement to our recent acquisition of Hudson United.”
TD Banknorth, which completed the acquisition of Hudson United Bancorp on January 31, 2006, currently operates 102 branches in New Jersey. Upon completion of the acquisition of Interchange, TD Banknorth is expected to be New Jersey’s ninth largest bank and the fifth largest in Bergen County based on total deposits.
TD Banknorth also has a large independent insurance agency operation.
The agreement is subject to approval by shareholders of Interchange, as well as customary regulatory approvals, and is expected to close early in the first quarter of 2007 with a systems conversion shortly thereafter.
TD Banknorth was advised by Keefe, Bruyette & Woods and its legal counsel was Elias, Matz, Tiernan & Herrick LLP. Interchange was advised by Goldman, Sachs & Co. and its legal counsel was Thacher Proffitt & Wood LLP.
TD Banknorth Inc. is a banking and financial services company headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank Financial Group. At January 31, 2006, TD Banknorth had over $40 billion of total consolidated assets and provided financial services to more than 1.5 million households in the Northeast. TD Banknorth’s banking subsidiary, TD Banknorth, N.A., operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth and TD Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking, private label credit cards, insurance premium financing and other financial services and offers investment products in association with PrimeVest Financial Services, Inc. The TD Banknorth common stock trades on the New York Stock Exchange under the symbol “BNK”.
Headquartered in Saddle Brook, N.J., Interchange Financial Services Corporation is the parent holding company of Interchange Bank, New Jersey’s largest independent bank serving Bergen and Essex Counties. With $1.6 billion in assets and 30 branches, Interchange offers innovative financial products and services to businesses and retail customers. The Interchange common stock is quoted on the Nasdaq National Market under the symbol “IFCJ”. For additional information, please visit the company’s Web site at www.interchangebank.com.
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