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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:
- CCNMatthews Newswire
- Article date:
- April 13, 2006
CopyrightCopyright 2006 CCNMatthews Newswire. Provided by ProQuest LLC. (Hide copyright information)
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PORTLAND, Maine--(CCNMatthews - Apr 13, 2006) -
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. ...