Article: TD Bank Financial Group to Become Majority Shareholder of Banknorth Group, Inc.; Strategic acquisition provides TD with personal and commercial banking growth opportunity in the US.

PORTLAND, Maine -- Banknorth gains partner to expand its community-based banking model

Banknorth Group, Inc. (NYSE: BNK) and TD Bank Financial Group (TDBFG) today announced that they have signed a definitive agreement for TDBFG to acquire 51% of the outstanding shares of Banknorth for approximately US$3.8 billion (approximately CDN$5 billion) in cash and TD common shares. This acquisition will provide TD with the majority interest in a growth company that has a proven track record of making strategic acquisitions.

"This strategic acquisition provides us with an expanding beachhead in the Northeastern United States and an outstanding personal and commercial banking ...

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