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Commerce Bancorp shareholders OK sale

Commerce Bancorp Inc. shareholders on Wednesday voted to approve an $8.5 billion stock and cash sale of the company to TD Bank Financial Group, Canada's second largest bank.
/ Source: The Associated Press

Commerce Bancorp Inc. shareholders on Wednesday voted to approve an $8.5 billion stock and cash sale of the company to TD Bank Financial Group, Canada's second largest bank.

Shareholder approval was one of the last hurdles to completing the sale.

Next up is final regulatory approval, which could be granted in the next few weeks.

Toronto-based TD Bank emerged as the main suitor for Cherry Hill-based Commerce soon after Commerce founder Vernon W. Hill II was ousted last year as part of a settlement with regulators.

Hill was under scrutiny for giving Commerce contracts to groups that included himself and his relatives.

Commerce has about 450 banking branches running from Connecticut down to southeast Florida, with about $49 billion in assets.