TD moves into Florida
2010 2010-05Read it in the scan (PDF at ETOL), page 9 →
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While most of us have been trying to cope with the ongoing ‘Great Recession’, Canadian bankers have been busy with their own expansion plans. Showing that Canada’s banks weathered the crash better than their American counterparts, TD Bank (formerly the TorontoDominion) bought three insolvent Florida banks to establish its retail presence in the U.S. southeast.
TD’s purchase of Riverside National Bank of North Florida, First Federal Bank of North Florida, and AmericanFirst Bank is a lowrisk venture since the U.S. Federal Deposit Insurance Corp. agreed to share 50 per cent of the loan losses up to specific thresholds at each bank, beyond which the FDIC would handle 80 per cent.
TD is getting 69 new branches in Florida, bringing its total there to 103. It already has a major presence in New England and New York, and owns 40 per cent of TD