Earnings slip at TD Banknorth

The newly privatized TD Banknorth Inc. saw its first quarter profits shrink 28 percent to $55.2 million from the $76.2 million it saw in the year ago quarter. A $20.9 million restructuring charge from the acquisition of Interchange Financial Services was a major part of the bottom line hit taken by the Portland, Maine-based bank. CEO Bharat Masrani blamed a “challenging” operating environment for the shrunken profits. Total deposits, however, grew 7 percent to $28.8 billion.