Board of Governors of the Federal Reserve System

The Federal Reserve Board on Thursday announced its approval of the proposal by Toronto-Dominion Bank, Toronto, Canada, to form bank holding companies, and to acquire Commerce Bancorp, Inc. (“Commerce”), Cherry Hill, New Jersey, and Commerce’s two subsidiary banks, Commerce Bank/North, Ramsey, New Jersey, and Commerce Bank, National Association, Philadelphia, Pennsylvania; and to acquire Commerce’s minority interest in Pennsylvania Commerce Bancorp, Inc., Harrisburg, a bank holding company that controls one subsidiary bank, Commerce Bank/Harrisburg, National Association, Lemoyne, both of Pennsylvania.

Attached is the Board's Order relating to this action.