TD acquired Commerce Bancorp Inc. (NYSE:CBH), of New Jersey for $8.5 billion last October and adopted the name TD Commerce Bank. That was met with a legal challenge by the Boston-area Commerce Bank & Trust Co., which claimed its customers could be confused by the name, the Globe and Mail newspaper reported.

Bharat Masrani, TD's chief executive officer of U.S. operations, told the Globe and Mail the 1,100 branches would be rebranded without the commerce reference.

"After several weeks of looking at options and looking at what makes sense here, we decided to move forward and rename our entity into TD Bank, America's Most Convenient Bank," Masrani said in an interview.

"Rather than spend countless time as well as valuable resources fighting this legal challenge in court, we have decided to remain focused on our customers and employees and move forward under our new brand name of TD Bank," he said.