Interchange Shareholders Overwhelmingly Approve Merger

  
    
  
  
    
    
    
      
        Over 96% of Votes Cast In Favor of Transaction by Interchange 
        Financial Services Corporation Shareholders
      
    
    
      TD Banknorth Inc. (“TD Banknorth”) 
      (NYSE: BNK) and Interchange Financial Services Corporation (“Interchange”) 
      (NASDAQ: IFCJ) announced today that at its annual meeting held today 
      Interchange shareholders overwhelmingly voted to approve the merger 
      agreement between TD Banknorth and Interchange. More than 96% of the 
      votes cast were voted in favor of the transaction.
    
    
      TD Banknorth also announced that it has received all regulatory 
      approvals related to the transaction which is anticipated to close early 
      in the first quarter of 2007 with a systems integration to follow 
      shortly thereafter.
    
    
      “We look forward to welcoming Interchange’s 
      customers to the TD Banknorth family as we continue our growth in the 
      New Jersey area,” said William J. Ryan, TD 
      Banknorth’s Chairman and Chief Executive 
      Officer.
    
    
      “We are excited about joining TD Banknorth,” 
      said Anthony Abbate, Interchange's President and Chief Executive 
      Officer. “The transaction rewards our 
      shareholders while bringing our customers and communities a greater 
      array of products and services.”
    
    
      About TD Banknorth Inc.
    
    
      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 June 30, 2006, TD Banknorth had over $40 
      billion of total consolidated assets and provided financial services to 
      more than 1.5 million households in the Northeast. 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.
    
    
      About Interchange
    
    
      Headquartered in Saddle Brook, N.J., Interchange Bank is New Jersey's 
      largest independent bank serving Bergen and Essex Counties, and a wholly 
      owned subsidiary of Interchange Financial Services Corp. (NASDAQ:IFCJ). 
      With $1.6 billion in assets and 30 branches, Interchange Bank offers 
      innovative financial products and services to businesses and retail 
      customers. For additional information, please visit the company's Web 
      site at www.interchangebank.com.
    
    
      Forward-looking Information
    
    
      This press release contains forward-looking statements regarding TD 
      Banknorth's acquisition of Interchange. Words such as "expect", "feel", 
      "believe", "will", "may", "anticipate", "plan", "estimate", "intend", 
      "should" and similar expressions are intended to identify 
      forward-looking statements. These forward-looking statements involve 
      certain risks and uncertainties. Factors that may cause actual results 
      to differ materially from those contemplated by such forward-looking 
      statements include, among others, the following possibilities: (1) 
      estimated synergies from the acquisition cannot be fully realized within 
      the expected time frame; (2) revenues following the acquisition are 
      lower than expected; (3) competitive pressure among depository 
      institutions increases significantly; (4) costs or difficulties related 
      to the integration of the businesses of TD Banknorth and Interchange are 
      greater than expected; (5) changes in the interest rate environment 
      reduce interest margins; (6) general economic conditions, either 
      nationally or in the markets in which TD Banknorth will be doing 
      business, are less favorable than expected; (7) legislation or changes 
      in regulatory requirements adversely affect the businesses in which TD 
      Banknorth would be engaged; or (8) factors which would result in a 
      condition to the transaction not being met. Neither TD Banknorth nor 
      Interchange undertakes any obligation to update these forward-looking 
      statements to reflect events or circumstances that occur after the date 
      on which such statements were made.
    
  


   --  Over 96% of Votes Cast In Favor of Transaction by Interchange
        Financial Services Corporation Shareholders

   TD Banknorth Inc. ("TD Banknorth") (NYSE: BNK) and Interchange
Financial Services Corporation ("Interchange") (NASDAQ: IFCJ)
announced today that at its annual meeting held today Interchange
shareholders overwhelmingly voted to approve the merger agreement
between TD Banknorth and Interchange. More than 96% of the votes cast
were voted in favor of the transaction.

   TD Banknorth also announced that it has received all regulatory
approvals related to the transaction which is anticipated to close
early in the first quarter of 2007 with a systems integration to
follow shortly thereafter.

   "We look forward to welcoming Interchange's customers to the TD
Banknorth family as we continue our growth in the New Jersey area,"
said William J. Ryan, TD Banknorth's Chairman and Chief Executive
Officer.

   "We are excited about joining TD Banknorth," said Anthony Abbate,
Interchange's President and Chief Executive Officer. "The transaction
rewards our shareholders while bringing our customers and communities
a greater array of products and services."

   About TD Banknorth Inc.

   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 June 30, 2006, TD Banknorth
had over $40 billion of total consolidated assets and provided
financial services to more than 1.5 million households in the
Northeast. 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.

   About Interchange

   Headquartered in Saddle Brook, N.J., Interchange Bank is New
Jersey's largest independent bank serving Bergen and Essex Counties,
and a wholly owned subsidiary of Interchange Financial Services Corp.
(NASDAQ:IFCJ). With $1.6 billion in assets and 30 branches,
Interchange Bank offers innovative financial products and services to
businesses and retail customers. For additional information, please
visit the company's Web site at www.interchangebank.com.

   Forward-looking Information

   This press release contains forward-looking statements regarding
TD Banknorth's acquisition of Interchange. Words such as "expect",
"feel", "believe", "will", "may", "anticipate", "plan", "estimate",
"intend", "should" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements involve
certain risks and uncertainties. Factors that may cause actual results
to differ materially from those contemplated by such forward-looking
statements include, among others, the following possibilities: (1)
estimated synergies from the acquisition cannot be fully realized
within the expected time frame; (2) revenues following the acquisition
are lower than expected; (3) competitive pressure among depository
institutions increases significantly; (4) costs or difficulties
related to the integration of the businesses of TD Banknorth and
Interchange are greater than expected; (5) changes in the interest
rate environment reduce interest margins; (6) general economic
conditions, either nationally or in the markets in which TD Banknorth
will be doing business, are less favorable than expected; (7)
legislation or changes in regulatory requirements adversely affect the
businesses in which TD Banknorth would be engaged; or (8) factors
which would result in a condition to the transaction not being met.
Neither TD Banknorth nor Interchange undertakes any obligation to
update these forward-looking statements to reflect events or
circumstances that occur after the date on which such statements were
made.