PORTLAND – No immediate changes are expected locally in the wake of TD Bank Financial Group’s $8.5 billion purchase of New Jersey’s largest bank Tuesday.

“For now, it’s business as usual for both customers and employees,” said Jennifer Carlson, public affairs officer for TD Banknorth.

Pending regulatory approval, the deal between the Toronto-based bank and its newest acquisition should close in March or April of next year.

“There won’t be any changes before then,” she said.

TD Banknorth employs about 1,000 people in Lewiston-Auburn, including its enormous back-office operations center in Bates Mill.

The acquisition of New Jersey’s Commerce Bancorp doubles TD Banknorth’s U.S. business, by adding 450 branches and $48 billion in assets across nine states. Shareholders of Commerce will get about $42.37 a share.

When TD finalized its buyout of Portland-based Banknorth in November last year, shareholders received $32.33 per share.

TD shares fell the most in five years after the bank said the purchase of Commerce will reduce profits in 2008 and 2009, according to Bloomberg news. But bank analysts predict that will be a short-term setback.

Toronto-Dominion “is striking while the iron is hot, with the Canadian dollar at parity,” Gavin Graham, chief investment officer at Guardian Group of Funds in Toronto, told Bloomberg. “It may be dilutive in the short term. But TD is making itself into a powerhouse in the northeastern United States.”

The acquisition affirmed TD Banknorth’s AA- rating with Standard & Poor’s, which predicted a stable outlook for the bank.

“The ratings on TD Bank reflect its formidable domestic retail operations, which continue to be the core growth engine with a substantial base of stable earnings and a conservative risk culture,” reported Standard & Poor’s.

Prior to the purchase of Commerce, TD had $404 billion (Canadian) in assets and $44.5 billion in deposits.

– Carol Coultas