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Article: TD Banknorth to Expand Its Presence in Northern New Jersey with the Acquisition of Interchange Financial Services Corporation.
- Article from:
- Business Wire
- Article date:
- April 13, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PORTLAND, Maine -- TD Banknorth Inc. ("TD Banknorth") (NYSE: BNK) and Interchange Financial Services Corporation ("Interchange") (NASDAQ: IFCJ) announced today that they have entered into a definitive agreement for TD Banknorth to acquire Interchange 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. ...