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New England has lost another major bank headquarters.
TD Bank quietly dropped Portland, Maine, as its base this past summer, giving up lighthouses and lobster rolls for the affluent suburb of Cherry Hill, N.J., about a half-hour’s commute from Philadelphia.
Following its merger with Commerce Bank in 2008, which was based in Cherry Hill, TD kept dual headquarters in Maine and New Jersey. But the bank has grown and expanded further south along the Atlantic Coast, and New Jersey became a more central location for it headquarters, said spokeswoman Rebecca Acevedo.
Additionally, she said, most of the bank’s core corporate staff work out of Cherry Hill offices, including the company’s chief executive Mike Pedersen, who lives in Philadelphia.