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TD Banknorth Closes Hudson United Purchase

Fitch Ratings notes that the deal will enhance TD Banknorth’s operations from both geographic and business-line standpoints.The acquisition of Mahwah”s Hudson United Bancorp by TD Banknorth (NYSE: BNK) has been formally completed. Terms of the agreement call for Hudson United shareholders to receive cash payments of $42.42 per common share, or 1.4 shares of Portland, Maine-based TD Banknorth’s common stock.

Further, the companies report that former Hudson United directors David A. Rosow and Brian Flynn were elected to the TD Banknorth board.

Separately, Fitch Ratings said that the transaction will enhance TD Banknorth”s operations from both geographic and business-line standpoints. The New York City-based ratings agency cautions, however, that TD Banknorth will need to make substantial investments in Hudson United”s retail operations and will likely face some integration challenges. TD Banknorth shares climbed $1.06 to $30.04 in afternoon trading.

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