PORTLAND, ME and TORONTO, ON, April 18 /CNW/ - TD Banknorth Inc. (NYSE:
BNK) and TD Bank Financial Group (TSX, NYSE: TD) today announced that TD
Banknorth shareholders approved the proposed privatization by TDBFG at a
special shareholder meeting in Portland. Upon completion of the transaction,
TD Banknorth will become a wholly-owned subsidiary of TDBFG.
    "We're pleased that TD Banknorth's minority shareholders voted in favor
of this transaction," said Ed Clark, TD Bank Financial Group President and
Chief Executive Officer. "We will continue the transformation of TD Banknorth
that is already in progress and will work closely with TD Banknorth to create
a leading retail and commercial banking franchise in the United States."
    "This is the start of a new chapter in TD Banknorth's history and is
great news for both our customers and employees," said Bharat B. Masrani,
President and Chief Executive Officer, TD Banknorth. "We will continue our
efforts to provide a truly superior customer experience to our expanding
customer base throughout the northeastern United States."
    The transaction is expected to close on or about April 20, 2007. In
connection with the transaction, TD Banknorth will be delisted from the New
York Stock Exchange on April 20, 2007.

    About TD Bank Financial Group
    The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group serves more than 14 million
customers in four key businesses operating in a number of locations in key
financial centres around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust; Wealth Management, including TD Waterhouse and an
investment in TD Ameritrade; U.S. Personal and Commercial Banking through TD
Banknorth; and Wholesale Banking, including TD Securities. TD Bank Financial
Group also ranks among the world's leading on-line financial services firms,
with more than 4.5 million on-line customers. TD Bank Financial Group had
CDN$408 billion in assets, as of January 31, 2007. The Toronto-Dominion Bank
trades on the Toronto and New York Stock Exchanges under the symbol "TD".

    About TD Banknorth
    TD Banknorth Inc. is a leading banking and financial services company
headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank
Financial Group. At December 31, 2006, TD Banknorth had $40 billion of total
consolidated assets. TD Banknorth's banking subsidiary, TD Banknorth, N.A.,
operates banking divisions in Connecticut, Maine, Massachusetts, New
Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth and TD
Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth
management, merchant services, mortgage banking, government banking, private
label credit cards, insurance premium financing and other financial services
and offers investment products in association with PrimeVest Financial
Services, Inc. The TD Banknorth common stock trades on the New York Stock
Exchange under the symbol "BNK." For more information, visit
http://www.TDBanknorth.com.

For further information: Neil Parmenter, TD Bank Financial Group, (416)
982-4285; Jeff Nathanson, TD Banknorth, (207) 761-8517