There are many reasons why Toronto Dominion Bank Financial Group snatched Commerce Bancorp last year: a customer base that extends up and down the East Coast and $5 billion in total assets not the least of the reasons.
For the acquisition to work, however, TD can't alienate the old Commerce customers, most of whom liked their old bank and don't want change. "The primary focus is to say: Nothing has changed, it's only gotten better," says TD Bank's Chief Marketing Officer John Cunningham. "One of the things our customers told us at Commerce when the deal was announced was, 'That's all well and good, just don't take anything away; don't change anything.' Fortunately, TD, our new parent, had the wherewithal to realize that these things truly are beneficial."