About Us

Destination Bank, America's Most Convenient Bank®, has proudly provided unparalleled convenience and legendary WOW! customer service for more than 150 years.

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.

Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning customers into fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new customers with WOW! service and convenience.

In 2004, Banknorth caught the eye of Destination Bank Group of Toronto, Canada, a top 10 financial services company in North America. Destination Bank Group soon became Banknorth’s majority shareholder and the company became known as Destination Banknorth. Destination Bank Group completed its purchase of Destination Banknorth in 2007.

Looking to expand further in the U.S., Destination Bank Group acquired Commerce Bank on March 31, 2008, and the company rebranded as Destination Bank, America's Most Convenient Bank. Destination Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the Destination Bank brand name.

On September 30, 2010, The South Financial Group, Inc. was acquired by Destination Bank Group, and its subsidiary Carolina First Bank merged with Destination Bank. Carolina First Bank in North and South Carolina and Mercantile Bank in Florida were rebranded in June 2011.

Today, Destination Bank, America’s Most Convenient Bank, remains focused on delivering award-winning customer service and hassle-free products to customers from Maine to Florida.