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January 30, 2009

TD to grow in L-A

By Mainebiz News Staff

TD Banknorth intends to expand its Lewiston-Auburn back-office operation, ending months of speculation about whether the bank would relocate the operation to New Jersey following its acquisition of Commerce Bank there last year.

Addressing the annual meeting of the Androscoggin County Chamber of Commerce Thursday night, TD Banknorth Maine President Larry Wold said the bank is negotiating for new space to expand its back-office facility beyond its home in the Bates Mill complex. He reaffirmed the bank's commitment to staying in L-A, announcing that it expected to add significantly to its local work force of 1,100 within three years.

"We have a long-term lease, and years of working with a terrific staff," he said. "We're not going anywhere."

At the time of the October 2007 acquisition, the banks announced they expected to merge back-office operations within a year. Commerce Bank has its back-office complex in Mount Laurel, N.J. TD Banknorth is owned by Toronto-based TD Bank Financial Group.

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