WASHINGTON (Dow Jones/AP) – TD Banknorth Inc. said Tuesday that it set its top executive’s 2005 bonus at $993,145, more than three times what he received a year before. Chief Executive William Ryan received a $303,200 bonus in 2004.

In a Securities and Exchange Commission filing, the Portland banking and financial-services company said its board also approved bonuses of $420,825 for Chief Operating Officer Peter Verrill and $265,170 for President Wendy Suehrstedt.

TD Banknorth’s filing said the bonuses recognize the successful acquisition of Hudson United Bancorp in January, which increased the total assets of the company by approximately $8.8 billion or 25 percent.

TD Banknorth had assets of more than $40 billion as of March 31. It also is the parent of Banknorth N.A.

It operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont.

In afternoon trading, TD Banknorth shares fell 50 cents, or 1.7 percent, to $28.47 on the New York Stock Exchange.


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