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January 8, 2008

Analyst predicts TD Banknorth's move

An analyst in Portland says it's only a matter of time until TD Banknorth, which has deep roots in Maine, will move its headquarters out of the state.

Gerard Cassidy, managing partner of RBC Capital Markets in Portland, which follows the banking industry, told the Portland Press Herald that as TD Banknorth continues to expand through the eastern United States through acquisitions, its center of gravity will move considerably south. TD Banknorth is set to close on the $8.5 billion acquisition of New Jersey-based Commerce Bancorp, which has branches in metropolitan Philadelphia, Washington, D.C., and Florida, in February or March. "At some point, the headquarters will be moved out of Portland," Cassidy told the Press Herald.

Neil Parmenter, a spokesman for TD Bank, said the company is focused on completing the purchase of Commerce. "It's premature to talk about issues like head office location," he told the Press Herald.

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