October 9, 2013

TD Bank drops Portland as headquarters

Maine still will be a ‘hub,’ while the company’s sole headquarters will remain in Cherry Hill, N.J.

By Edward D. Murphy emurphy@pressherald.com
Staff Writer

PORTLAND — TD Bank no longer calls Portland home, but Maine will remain a hub for the bank.

click image to enlarge

The TD Bank branch on Allen Avenue in Portland is one of 54 retail locations statewide. The bank is no longer headquartered in Portland.

2010 Press Herald File Photo/John Patriquin

Portland was dropped as a headquarters this summer when Mike Pederson became the bank’s new chief executive officer in July and located in Cherry Hill, N.J.

Since TD Bank, N.A., merged with Commerce Bank in 2008, the company said, it has had two headquarters: Portland, where TD Bank was headquartered, and Cherry Hill, where Commerce Bank had its home base.

Dropping Portland and naming Cherry Hill as the bank’s headquarters “was a logical step that acknowledges where our core executive team, back-office support and training facilities are based,” said Gabe Weissman, a spokesman for TD Bank. “This, along with our hub strategy, will support TD’s continued growth.’

Weissman said TD Bank will consider Maine a “hub,” along with South Carolina and New Jersey. The bank has call center operations in those three states, along with some back-office operations.

In Maine, TD Bank employs about 3,000 people and has 54 retail locations along with 14 regional offices. Weissman said it is the largest bank in the state, with $3.7 billion in deposits.

“Maine will continue to be an important employment base and market for TD,” Weissman said. “It will be business as usual for us there.”

He noted the company had recently extended its lease for its offices at the Bates Mill facility in Lewiston.

Spokeswoman Rebecca Acevedo told the Philadelphia Business Journal that the company believes Cherry Hill is more centrally located because the company’s operations stretch up and down the East Coast and extend as far south as Florida.

The move is similar to what happened with insurance company Unum, which maintained dual headquarters in Maine and Chattanooga, Tenn., after it merged with The Provident Cos. in 1999. After a few years, Portland was dropped as a headquarters city, although the company’s name reverted to Unum after operating for a few years as UnumProvident.

Edward D. Murphy can be contacted at 791-6465 or at:

\emurphy@pressherald.com

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