Suit leads TD Banknorth to assume new identity

Changing course in the face of a lawsuit, TD Banknorth picked a new new name to use following its merger with Commerce Bancorp Inc. of New Jersey - TD Bank.

Previously the combined banks were to be known as TD Commerce Bank. The bank has not decided what name it will put on the Boston sports arena now known as the TD Banknorth Garden, where it owns naming rights. Bank officials said they expect to decide on a name for the arena later this year. Any final name would include the word "Garden."

TD Bank chief executive Bharat Masrani said he switched to the new name for his institution because of a lawsuit brought by Commerce Bank & Trust Co., a 12-branch company in Worcester. In a federal suit earlier this year, it claimed the name "TD Commerce Bank" would confuse customers.