TD Bank

TD Bank

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More info of TD Bank

Among the most important financial institutions in the United States, it is inevitable to come across a legacy from neighboring countries or a product of migration.

Although TD Bank NA is a widely recognized entity in the eastern United States, its name and current philosophy were inherited from our friendly Canadian neighbors.

TD Bank's U.S. Roots

TD Bank's expansion in the U.S. began in the early 21st century with the choice of a century-old entity (Banknorth) and a newer one (Commercebank). The former was chosen because of its history of mergers in the Northeast, which have occurred since its founding in 1852.

Located in Portland (ME), it began as Portland Savings Bank, then Peoples Heritage Bank and eventually took the name Banknorth.

In contrast, Commercebank, headquartered in Cherry Hill (NJ), was founded in 1973 and generated a lot of attention due to its rapid expansion in South Florida, Washington DC, Philadelphia and the New York metropolitan area.

Both its services and its slogan: America's most convenient bank, had a great impact on its customer base.

The acquisition of these financial institutions occurred between 2005 and 2008, which gave rise to the U.S. subsidiary TD Bank NA. Following other strategic operations, this entity has a consolidated presence in this country, so much so that it has more branches than in Canada, although its majority of its revenues come from its place of origin.

TD Bank's Canadian origins

In this long history of at least 160 years, we have to mention the Dominion Bank and the Toronto Bank, created in the middle of the 19th century.

We will also talk about the Canadian Trust Company, founded in Ontario around 1864, which is an important part of this story. These three companies are the basis of what is known today as the TD Bank financial group.

In their beginnings, the aforementioned banks were the protagonists in the growth of the Canadian economy. While the Dominion opened its first branch in Winnipeg (1898), Toronto did the same in 1905 as a consequence of the expansion to the west. By 1913, both banks had taken over this region of the country and both had significant assets.

Like so many other banks of the era, both had their ups and downs during the Great Depression and World War II. Rationed accounts and Victory Bonds were the operations that kept them afloat.

This picture would change in the following years due to post-war prosperity and Canadian industrial development. In order to grow and meet the challenges posed by competition, Toronto Bank and Dominion Bank saw the need to join forces.

The merger was completed in 1955 and from then on it was called Toronto-Dominion Bank. At that point, and after a century of change, this new company had 463 branches in the country and assets worth a combined $1.3 billion USD.

Role of Canada Trust Company

After a series of changes during the 1960s, Canada Trust had decided to expand its banking operations across the country. This meant the purchase of the Waterloo Trust & Savings Company and the Halton & Peel Trust & Savings Company in 1968, which consolidated its presence in the Ontario region with a total of 77 branches.

The growth of this entity would lead to its acquisition by Genstar Corporation (1985), which had operations in the USA and Canada. Having previously acquired the Canada Permanent Mortgage Company, the buyers merged both financial institutions under the name The Canada Trust, being the 6th largest at that time. The following year, it would be purchased by Imasco LTD.

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While this was happening, Toronto-Dominion continued to grow by incorporating a mutual fund (1973), discount brokerage operations (1984), the firm TD Securities (1987) and the purchase of Waterhouse Investors Services (1996).

In its quest for growth and alternatives, it would acquire Canada Trust in 2000, making it the second largest bank and shifting its focus from wholesale to retail.

TD Bank Today

Today, TD Bank Group is a solid company, considered the second largest in Canada in terms of assets and among the top 10 banks in the USA. While it has some 1,150 branches in Canada, in the United States it has more than 1,200 branches and a customer base of some 6.5 million people.

TD Bank in the U.S. stands out for its year-round service, convenience, mobile services, friendly service and other advantages. If you want to find out more about some of their most interesting products, you can use the Busconomico comparator from the comfort of your home.