Next up is final regulatory approval, which could be granted in the next few weeks.
If the sale goes through, Commerce branches would retain their separate identity - for now.
Toronto-based TD Bank emerged as the main suitor for Cherry Hill-based Commerce soon after Commerce founder Vernon W. Hill II was ousted last year as part of a settlement with regulators.
Hill was under scrutiny for giving Commerce contracts to groups that included himself and his relatives.
Commerce has about 450 banking branches running from Connecticut down to southeast Florida, with about $49 billion in assets.
