LEWISTON – It’s a done deal.
On Tuesday, TD Bank Financial Group and Banknorth Group Inc. announced the completion of TD’s acquisition of 51 percent of Banknorth’s outstanding shares.
The merger plans were announced last summer.
Banknorth, the parent corporation of what has been Maine-based Peoples Heritage Bank, employs about 2,600 people in Maine; 1,000 of them work at the bank’s operations center at the Bates Mill.
TD, based in Toronto, is a Canadian financial group. It offered $3.8 billion for the 51 percent of Banknorth’s stock.
Banknorth shareholders approved the deal at a special meeting on Feb. 18. The company will change its name to TD Banknorth Inc. and has reincorporated in Delaware.
TD, which owns Toronto-Dominion Bank and other subsidiaries, has been doing business in Canada for 150 years. It had $333 billion (Canadian) in assets as of Jan. 31.
Banknorth had been headquartered in Portland and had banks and other services throughout New England and New York. Its assets totaled $28.7 billion as of Dec. 31, 2004.
Peoples Heritage Bank will change its name to TD Banknorth. Peoples was founded in Lewiston in 1875.
Bank officials have said there are no plans to lay off any of its employees.
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