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. The company had held Portland and Cherry Hill as dual headquarters since 2008, when Portland-based TD Banknorth merged with Cherry Hill, N.J.-based Commerce Bank.
The change coincided with the arrival of Mike Pedersen as TD Bank’s new CEO, who I pointed out in an April blog post would not be based in Portland. Pedersen moved from Toronto, headquarters of TD Bank’s parent company, Toronto-Dominion Bank, to Philadelphia when he took over for Bharat Masrani.
TD spokeswoman Rebecca Acevedo told the Philadelphia Business Journal that the move made sense.
“I think the bank decided this was the logical next step,” she said. “The core of the executive team, the back office and training facilities are all located here. It just made sense.”
Maine will remain one of the bank’s key hubs, she said. There are currently 3,000 TD Bank employees in Maine, which will not change as of now.