TD Bank (United States)

TD Bank, N.A. is an American national bank and the United States subsidiary of the multinational TD Bank Group. It operates primarily across the East Coast, in 15 U.S. states and Washington, D.C. TD Bank is the seventh-largest U.S. bank by deposits and the 10th largest bank in the United States by total assets, resulting from a series of several mergers and acquisitions. TD Bank, N.A. is headquartered in Cherry Hill, New Jersey, a proximal suburb eight miles (13 km) outside Philadelphia. TD Bank is a federally chartered bank, thus its trading name bears "N.A." letters.

TD Bank, N.A.
TD Bank
Company typeSubsidiary
Industry
FoundedJanuary 1852; 172 years ago (1852-01), in Portland, Maine, U.S.
HeadquartersCherry Hill, New Jersey, United States[1]
Number of locations
1,158[2]
Area served
Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
Key people
Leo Salom (CEO)
Total assetsUS$430 billion (2022)[2]
Number of employees
26,714 (2022)[2]
ParentToronto-Dominion Bank
Websitewww.td.com/us/en/personal-banking

History

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TD Bank branch in Chinatown, Washington, D.C.

TD Bank is a successor to the Portland Savings Bank, which later became Banknorth after a series of mergers with various other New England banks. The Canada-based TD Bank Group then became majority owner in 2004 and renamed it "TD Banknorth, N.A." by adding the Canadian bank's popular "TD" initials. On May 31, 2008, TD Bank Group acquired Commerce Bank, and merged it with TD Banknorth to form TD Bank, N.A., what is now the United States subsidiary of its Canadian parent company.[3]

In 2010, TD Bank, N.A. acquired the South Financial Group and its 172 branches across the Carolinas and Florida. South Financial was the parent company of Carolina First, with branch locations in North and South Carolina and Mercantile Bank, with branch locations in Florida, for about $191 million. South Financial's branches were converted to the TD Bank name.[4]

In 2013, TD Bank, N.A. centralized its American headquarters in Cherry Hill, New Jersey, U.S.[1]

In February 2016, TD Bank's consumer card division purchased the Nordstrom credit card unit for $2.2 billion.[5][6] The acquisition added Nordstrom to TD's growing folio of private-label cards that includes Target, NordicTrack, and Tourneau.[7][8]

On October 29, 2021, TD Bank, N.A. announced Leo Salom would succeed Greg Braca as the bank’s U.S. President & CEO. Salom had been leading TD’s wealth management and insurance business. Salom’s role change became effective January 1, 2022.[9]

 
TD Bank's branch footprint after the South Financial merger

On February 28, 2022, TD Bank, N.A. announced plans to acquire Memphis, Tennessee-based First Horizon Corporation for US$13.4 billion. The deal was expected to close in 2023, but was scrapped in May 2023.[10]

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2012 data breach

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In October 2012, the Massachusetts attorney general announced that TD Bank misplaced unencrypted backup tapes with "extensive customer information, including Social Security numbers and bank account numbers." The bank initially refused to state how many customers were affected. After an inquiry by the attorney general, it stated 267,000 customers. The bank waited more than six months to notify customers.[11]

TCPA class action lawsuit

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In October 2015, a class action lawsuit was filed against TD Bank claiming that it violated the Telephone Consumer Protection Act of 1991.[12] The lawsuit alleged the bank called consumers up to 10 times per day.[13] As of July 3, 2017, all but one of the claims were dismissed by Judge Jerome B. Simandle.[14]

Coin-count machine lawsuit

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In 2016, the bank was sued for allegations that their coin counting machines, "Penny Arcades," were inaccurately counting coins.[15] The lawsuit estimates that 26 cents out of every $100 was not counted, totaling to $9 million.[16][needs update]

Financial penalties

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Many cases of financial penalties against the company do feature mitigating factors including accidental human error at branches due to customers presenting fraudulent information; however, the company has been assessed penalties in excess of $197 million since the year 2000 for consumer, banking, investor protection, wage and privacy violations.[17]

Sponsorships

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In 2005, TD Banknorth announced it purchased the naming rights of what is currently the TD Garden, home of the Boston Celtics and Boston Bruins sports teams.[18]

When TD Bank bought Commerce Bancorp in 2009, the company became title sponsor of the TD Bank Ballpark, home of the Somerset Patriots.

On August 22, 2019, TD announced its partnership with The Shed, the new arts center on Manhattan's Far West Side, as lead sponsor of the "Open Call" artist commissioning program[19]

On November 4, 2019, TD announced an extension of their long standing Canadian partnership with the Toronto Blue Jays into the United States with the naming rights to the team's spring training home in Dunedin, Florida, to be renamed TD Ballpark.[20]

See also

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Notes

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  1. ^ a b "Media Contact Room". TD Bank. Retrieved 2021-02-10.
  2. ^ a b c "Company Fact Sheet" (PDF). TD Bank. Archived from the original (PDF) on 2022-10-13. Retrieved 2022-10-28.
  3. ^ "Company History". TD Bank. Retrieved 2021-11-27.
  4. ^ http://charlotte.bizjournals.com/charlotte/blog/bank_notes/2010/05/td_financial_buys_south_carolinas_south_financial_group.html TD Financial buys South Carolina's South Financial Group
  5. ^ González, Ángel (May 26, 2015). "Nordstrom sells credit-card portfolio to Canadian bank". The Seattle Times.
  6. ^ "Nordstrom Sells Credit Card Assets, Rewards Shareholders". Yahoo! Finance. October 2, 2015. Retrieved 2021-02-16.
  7. ^ "Target to sell credit card portfolio to TD Bank". Reuters. October 23, 2012.
  8. ^ "Tourneau Selects TD Retail Card Services for Private Label Credit Card" (Press release). TD Retail Card Services. June 23, 2010. Retrieved 2021-02-10.
  9. ^ "TD rolls out executive shakeup, names new US CEO".
  10. ^ "TD Bank and First Horizon Mutually Agree to Terminate Merger Agreement" (Press release). PR Newswire. Retrieved May 4, 2023.
  11. ^ Wallack, Todd (October 12, 2012). "TD Bank data breach affects 267,000 customers, including 73,000 in Massachusetts". The Boston Globe. Archived from the original on 2012-10-14. Retrieved 2012-10-13. The bank told customers that two tapes disappeared in transit while being shipped to one of its location in March. The company has not been able to find the tapes. The tapes were unencrypted and contained extensive customer information, including Social Security numbers and bank account numbers, the bank told the office of Massachusetts Attorney General Martha Coakley.
  12. ^ "TD Bank Hit with TCPA Class Action Lawsuit". Mondaq Business Briefing. Archived from the original on October 20, 2017. Retrieved 2017-10-19.
  13. ^ "TD Bank Sued Over Robotcalls". Law360. October 27, 2015. Retrieved 2017-10-13.
  14. ^ "Martinez v. TD Bank USA, N.A." Law360. Retrieved 19 October 2017.
  15. ^ DeAngelis, Martin (April 29, 2016). "Customer Sues TD Bank, Saying Coin-Count Machines Were Ripoff". The Press of Atlantic City. Archived from the original on 2017-10-20. Retrieved 2017-10-19.
  16. ^ Walsh, Josh (June 26, 2017). "TD may pay $7.5 million to Penny Arcade users". Courier Post. Cherry Hill. Retrieved 19 October 2017.
  17. ^ "Toronto-Dominion Bank | Violation Tracker". violationtracker.goodjobsfirst.org. Retrieved 2021-12-03.
  18. ^ Kerber, Ross (April 1, 2008). "Commerce Bank & Trust Sues to Guard Mass. Identity". The Boston Globe. Retrieved 2010-08-30.
  19. ^ "TD Partners with The Shed to Expand Opportunities in the Arts Across New York City" (Press release). TD Bank. August 22, 2019. Retrieved 2021-02-10 – via PR Newswire.
  20. ^ "Welcome to TD Ballpark: The Spring Training Home of the Toronto Blue Jays" (Press release). TD Bank. November 4, 2019. Retrieved 2022-06-21.
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