TD Banknorth

TD Bank, America’s most convenient bank, now operates as a fully-owned subsidiary of Canada’s Toronto-Dominion Bank (TSX: TD, NYSE: TD, TYO: 8640). The company started its existence in 1852 as Portland Savings Bank, seated in Portland, Maine. About thirty years later, the body entered a series of mergers. At the turn of the 21st century, the opportunity for expansion appeared again and Peoples Heritage Bank carried out an acquisition of Banknorth Group Inc, which increased its assets to US $17 billion. The new financial group started operating under the name Banknorth.

In 2004, TD Bank Financial Group, seated in Toronto, became a majority shareholder of Banknorth and the new company was named TD Banknorth. The acquisition was completed in 2007. Looking for expansion on the US market the next year, TD Bank Financial Group carried out an acquisition of Commerce Bank and the body rebranded as TD Bank. Today, TD Bank has developed its business in three main directions – banking, insurance, and investments.

The personal banking division of TD Bank offers to its clients a set of convenient everyday banking services such as checking and savings accounts, credit and debit cards, online banking service with a bill payment option, along with deposits and individual retirement accounts. The individual clients of TD Bank may choose from a wide range of financing solutions including home equity and mortgage loans, personal and auto loans, as well as loans for higher education tuition.

In support of small and medium sized enterprises, the devoted officials of TD Bank have developed a set of business banking solutions, including checking and savings services, business deposits, market analysis and project development services, an online banking service for business operations, along with project financing and loans for the purchase of equipment and raw materials. Other services include financing of small business administration, business credit and payroll cards, etc.

The corporate and institutional clients of the bank may take advantage of premium financial services such as cash management, money market advisory, international financial assistance, corporate loans and credit lines, project and equipment finance, as well as government banking and financial support for healthcare and not-for-profit organization.

TD Bank’s insurance business offers complex insurance and risk coverage services such as home and auto insurance, insurance of valuable items and life insurance plans, property and casualty insurance solutions for small business owners and corporate clients and a set of risk transfer solutions.

TD Wealth Management Division has developed a set of investment consulting solutions including retirement plans, mutual funds, and long-term investments assistance, savings plans for college students, and life insurance schemes. The assets of TD Bank amount to 134 billion US dollars end-Q3 2009.

Commercial Banks Guide > TD Banknorth