TD Banknorth completes acquisition of NJ-based firm
Portland, ME-based TD Banknorth, which has operations in Worcester, has completed its acquisition of Interchange Financial Services Corporation, a transaction that enhances the firm's branch network in the Mid-Atlantic region.
The purchase will allow TD Banknorth to expand in the Bergen and Essex County regions of New Jersey, said William Ryan, president and CEO of TD Banknorth Inc. In addition, Anthony Labozzetta, formerly senior executive vice president and COO for Interchange will join TD Banknorth as executive vice president of Retail and Small Business banking. In that role, Labozzetta is responsible for the overall management and results of TD Banknorth's 180-brance network in the Mid-Atlantic region.
Said Wendy Suehrstedt, president and CEO of TD Banknorth's Mid-Atlantic division: "(Labozzetta's) leadership will be invaluable as we continue to leverage our branch network in New Jersey, metro-New York, and Pennsylvania."
Pursuant to the merger agreement, shareholders of Interchange common stock are entitled to receive $23.00 in cash for each share outstanding.
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