TD Banknorth Inc. completed its acquisition of Interchange Financial Services Corp. on Monday.

“The Interchange acquisition enhances our branch network in the Mid-Atlantic Region and significantly increases our presence in northern New Jersey,” said William J. Ryan, chairman and CEO of TD Banknorth Inc. “We’re excited about expanding in Bergen and Essex counties and we look forward to meeting the financial needs of our newest customers.”

Anthony J. Labozzetta, former senior executive vice president and chief operating officer for Interchange, has joined TD Banknorth as executive vice president of retail and small business banking. He will be responsible for the overall management and results of TD Banknorth’s 180-branch network throughout the mid-Atlantic.

“We’re pleased to have someone of Tony’s caliber coming on board to oversee retail distribution,” said Wendy Suehrstedt, president and CEO of TD Banknorth’s mid-Atlantic division. “His leadership will be invaluable as we continue to leverage our branch network in New Jersey, metro-New York and Pennsylvania.”

Pursuant to the merger agreement, holders of shares of Interchange common stock are entitled to receive US$23 in cash for each share outstanding. Letters of transmittal will be mailed to Interchange shareholders in early January for surrender of their stock certificates for payment.