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Commerce Bancorp was a Cherry Hill, New Jersey âbased bank created in 1973. In 2007, it was purchased by Toronto-Dominion Bank, which merged Commerce with TD Banknorth to form TD Bank, N.A. ; all of its banks and branches were given the TD Bank logo.
Ron DeBerry, CEO of Commerce Union, will serve as CEO and chairman of the combined bank's holding company, Commerce Union Bancshares Inc. Reliant shareholders will receive 1.02 common stock shares of Commerce Union Bancshares for each share of Reliant Bank common stock. Reliant shareholders will own about 55.5 percent of the combined company's stock, and Commerce Union shareholders will own about 44.5 percent, upon closing, according to a statement.