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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.
Reliant board chairman Farzin Ferdowsi will serve as the chairman of the combined bank. Reliant Bank has $392 million in assets as of the first quarter and reported net income of $3.2 million in 2013. Commerce Union has $253 million in assets, posting a net income of $1.96 million last year.