Touting itself as "America's most convenient bank," TD Bank has more than 1,250 branches in about 15 states, mostly serving the east coast of the US. Many of its offices are open seven days a week and until 8 p.m. The bank also provides around-the-clock customer service in most markets. TD Bank's product menu includes deposit accounts, residential and commercial mortgages, business and personal loans, insurance, investment planning, and wealth management, as well as free access to coin cashing and document shredding machines at many of its branches. The bank is a subsidiary of Canada's Toronto-Dominion Bank (it, too, is known as TD Bank).
Change in Company Type
Toronto-Dominion Bank acquired the former Commerce Bancorp in 2008 and combined it with its own TD Banknorth to create TD Bank, N.A. The $8.5 billion merger came on the heels of the departure of Commerce Bancorp's founder and longtime chief Vernon Hill, who modeled his company after big-box retailers such as Wal-Mart and Target and had opposed the transaction.
TD Bank is sort of a financial supermarket that offers a range of services to consumers, small businesses, and corporations. The bank offers brokerage services through its parent company's TD Ameritrade affiliate.
Mergers & Acquisitions
TD Bank more than doubled its presence in Florida by acquiring three failed banks that were seized by regulators -- Riverside National Bank of Florida, First Federal Bank of North Florida, and AmericanFirst Bank -- in FDIC-assisted transactions during 2010. The deals pushed TD Bank's number of branches in the state to more than 100. Later that year TD Bank arranged a more conventional deal when it agreed to pay some $61 million for The South Financial Group, which, like the seized banks, has had loan problems of its own. The acquisition added more than 60 branches in Florida, and also gave TD Bank its first presence in the Carolinas, with some 110 locations. – less