By Amy Wyeth
Banker & Tradesman Reporter

TD Bank, America’s Most Convenient Bank – that’s the new name TD Banknorth and N.J.-based Commerce Bank agreed upon Wednesday in place of the previously announced “TD Commerce Bank,” which faced a lawsuit.

With the acquisition of Commerce Bank, TD Banknorth has expanded its presence from Maine to Florida. By acquiring Commerce, TD had hoped to capitalize on a strongly branded regional bank, with a loyal customer base. The slogan, “America’s Most Convenient Bank,” was strongly identified with Commerce Bank in the Mid-Atlantic region prior to the bank’s acquisition.

The company said it would announce a new name for the TD Banknorth Garden by the end of 2008, with re-branding to take place in 2009.  Naming rights to the Boston arena, home to the Boston Celtics basketball team and Boston Bruins hockey team, reportedly cost $6 million per year.

Earlier today, a Banknorth spokeswoman said any name change to TD Banknorth Garden would include the name “Garden” and “the TD shield would be part of the name as well.”

TD Banknorth was sued by Worcester-based Commerce Bank, parent company of East-West Mortgage, after it announced in March that it had purchased the New Jersey-based Commerce Bank and intended to re-brand as TD Commerce Bank.

The case wound up in federal district court in Worcester, which provisionally prevented the company from using the TD Commerce Bank name on signage and marketing materials in certain Massachusetts counties.

Bharat Masrani, President and Chief Executive Officer of TD Bank, N.A., said, “In our view, the well-recognized TD name combined with Commerce Bank clearly distinguished us from other banks with Commerce in their name.”

TD Banknorth is “disappointed that the Court felt differently, but rather than spend countless time as well as valuable resources fighting this legal challenge in court, we have decided to remain focused on our Customers and Employees and move forward under our new brand name of TD Bank, America’s Most Convenient Bank,” Masrani said, in a prepared statement.