TD Banknorth
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| Industry | Bank holding company |
|---|---|
| Fate | Merged with Commerce Bancorp to become TD Bank, N.A. |
| Successor | TD Bank, N.A. |
| Founded | 2001 as Banknorth 2004 as TD Banknorth |
| Defunct | 2008 |
| Headquarters | Portland, Maine |
| Products | Financial services |
TD Banknorth, formerly just Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conducted banking and insurance activities, primarily serving the northeastern area of the United States, headquartered in Portland, Maine. The bank became TD Bank, N.A. in June 2008.
In August 2004, Toronto-Dominion Bank became the majority owner, renaming it "TD Banknorth, N.A."; all remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20, 2007.
Its operating companies were Banknorth Connecticut, Peoples Heritage Bank (in Maine), Banknorth Massachusetts, Bank of New Hampshire, Evergreen Bank (in New York), Hudson United Bank, Banknorth Vermont, and Bancnorth Insurance Group. The majority of these companies were branded as TD Banknorth of State (example "TD Banknorth of Maine").
On April 10, 2008, TD Banknorth merged with New Jersey–based Commerce Bank to form TD Bank, with joint headquarters in Cherry Hill, New Jersey and Portland, Maine. The legal name of the bank was changed to TD Bank, N.A. in June 2008, with all TD Banknorth branches outside of New England and all Commerce Bank branches being rebranded in the fall of 2008. The remaining branches, in New England, took on the new name in September 2009.
The origins of Banknorth Group, now TD Bank, lie in a number of local Maine savings banks, and in Vermont dating back to 1802 with Woodstock National Bank.
The Portland Savings Bank was established in 1852, and was initially open only on Wednesdays and Saturdays from 11 to 1. Albion K. Parris, Portland’s mayor, was the first President. Support of community and public projects was an important objective of the bank. It weathered the great fire of Portland and the financial panics in 1873 and 1878, and at its 50th year in 1902 had 24,000 depositors, deposits of almost $10,000,000, and a staff of nine. In 1906, a branch on Congress Street joined the Head Office branch, and nineteen years later all business moved to Congress Street.
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