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October 8, 2013

TD Bank drops Maine headquarters

TD Bank has dropped Portland as one of two U.S. headquarters, consolidating its leadership in what a company spokeswoman said is a more central location in Cherry Hill, N.J.

The Boston Globe reported the bank this summer made the move south, where spokeswoman Rebecca Acevedo said most of the corporate staff work. Acevedo said the bank does not plan to reduce its staff in Maine, where it employs more than 3,000 people.

She told the Philadelphia Business Journal that Maine will remain one of the bank’s three hubs — alongside New Jersey and South Carolina — where it has call centers.

The shift away from Portland follows years of acquisitions by the bank’s Toronto-based parent, Toronto-Dominion Bank, which bought Portland-based Banknorth, founded in 1852, in 2004. In 2008, the bank acquired Commerce Bank, based in Cherry Hill. The bank has continued to make acquisitions farther south, including in the Carolinas and Florida, in recent years.

In April, the bank announced that its next U.S. CEO, Mike Pederson, would be based out of the Cherry Hill office. Pedersen took over the company’s U.S. operations on July 1 of this year.

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