TD Bank drops Portland as HQ, claims effect in Maine will be minimal

Mike Pedersen
TD Bank photo
Mike Pedersen
Posted Oct. 08, 2013, at 2:45 p.m.
Last modified Oct. 08, 2013, at 3:51 p.m.

PORTLAND, Maine — TD Bank, which traces its roots back to the founding of Portland Savings Bank in 1852, has officially dropped its historic hometown as its corporate headquarters.

The bank is now officially based in Cherry Hill, N.J., which is a suburb of Philadelphia.

The company had maintained Portland and Cherry Hill as dual headquarters since 2008, when Portland-based TD Banknorth merged with Cherry Hill-based Commerce Bank.

Selecting Cherry Hill as its corporate headquarters represents “a logical step” as that’s where TD Bank’s core executive team, back office support and training facilities are based, according to Gabe Weissman, a TD Bank spokesman.

The change will not have any noticeable effect on its operations in Maine, where the bank will continue to employ more than 3,000 people, Weissman said.

“The gist of it is that the impact is really only us changing the dateline on our press releases and doing an update on the website for our corporate profile,” Weissman told the Bangor Daily News. “So in terms of the impact to facilities in Maine and employees, anything along those lines — there is no impact.”

The change coincided with the arrival of Mike Pedersen as TD Bank’s new CEO on July 1.

In April, a TD Bank spokeswoman told the BDN that Pedersen would be based in Cherry Hill after he officially took over as CEO on July 1. Pedersen succeeded Bharat Masrani, who has taken over as CEO of TD Bank’s Canadian parent, Toronto-Dominion Bank. Pedersen previously was Toronto-Dominion’s head of wealth management, insurance and corporate shared services.

Maine will remain one of the bank’s three key hubs, along with New Jersey and South Carolina, Weissman said.

“Maine will continue to be an important employment base and market for TD. It will be business as usual for us there,” Weissman said, adding that the company recently extended its lease for its Bates Mill facility in Lewiston to 2025.

TD Bank has 53 retail bank branches in the state and is the largest bank in Maine when ranked by deposits, which totaled $3.7 billion as of June 30, 2013, according to the Federal Deposit Insurance Corp.

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