Purchase allows expansion

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PORTLAND (AP) — Financial services company TD Banknorth Inc. said Tuesday it completed the purchase of Interchange Financial Services Corp., the parent holding company of Interchange Bank, for $480.6 million cash.

TD Banknorth announced in April it planned to buy the Saddle Brook, N.J.-based bank for $23 per share cash. Interchange had $1.6 billion in assets and $1.3 billion in deposits at the end of 2005.

TD Banknorth said it bought Interchange to expand in northern New Jersey. Interchange operates 30 branches in New Jersey’s Bergen and Essex Counties.

TD Banknorth at the end of 2005 operated 396 branches in New England and New York. It bought Hudson United early last year, adding 204 branches in the Northeast. At the end of the last quarter, TD Banknorth had $39.92 billion in assets and $27.49 billion in deposits.

Interchange’s Senior Executive Vice President and Chief Operating Officer Anthony J. Labozzetta joined TD Banknorth as executive vice president of retail and small business banking, overseeing TD Banknorth’s 180-branch Mid-Atlantic network.

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