TD Bank, N.A. is an American

national bank In banking, the term national bank carries several meanings: * a bank owned by the state * an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) * in the United States, an ordinary p ...

and the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...

subsidiary of the multinational TD Bank Group. It operates primarily across the East Coast, in fifteen

U.S. state In the United States, a state is a constituent political entity, of which there are 50. Bound together in a political union, each state holds governmental jurisdiction over a separate and defined geographic territory where it shares its sove ...

s and Washington, D.C. TD Bank is the seventh-largest U.S. bank by deposits and the 11th largest bank in the United States by total assets, resulting from a series of several mergers and acquisitions. TD Bank, N.A. is

headquartered Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the top ...

in Cherry Hill,

New Jersey New Jersey is a U.S. state, state in the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. It is bordered on the north and east by the state of New York (state), New York; on the ea ...

. TD Bank is a federally chartered bank, thus its trading name bears "N.A." letters.

History

TD Bank, Chinatown, DC by Matthew Bisanz

It is a successor to the Portland Savings Bank, which later became Banknorth after a series of mergers with various other

New England New England is a region comprising six states in the Northeastern United States: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It is bordered by the state of New York to the west and by the Canadian province ...

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. 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. In 2013, TD Bank, N.A. centralized its American headquarters in Cherry Hill,

, U.S. In February 2016, TD Bank's consumer card division purchased the

Nordstrom Nordstrom, Inc. () is an American luxury department store chain headquartered in Seattle, Washington, and founded by John W. Nordstrom and Carl F. Wallin in 1901. The original Wallin & Nordstrom store operated exclusively as a shoe store, a ...

credit card unit for $2.2 billion. The acquisition added Nordstrom to TD's growing folio of private-label cards that includes

Target Target may refer to: Physical items * Shooting target, used in marksmanship training and various shooting sports ** Bullseye (target), the goal one for which one aims in many of these sports ** Aiming point, in field artillery, fi ...

, NordicTrack, and Tourneau. 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 Jan. 1, 2022. TDBank footprint

On February 28, 2022, TD Bank, N.A. announced plans to acquire Memphis, Tennessee-based First Horizon Corporation for $13.4 billion. The deal is expected to close in the first quarter of 2023, pending approval by regulators in both the United States and Canada. The post-merger bank will have $600 billion in assets, potentially boosting its ranking to sixth-largest by deposits in the United States.

Legal actions and public controversies

2012 data breach

In October 2012, the Massachusetts attorney general announced that TD Bank misplaced

unencrypted In cryptography, plaintext usually means unencrypted information pending input into cryptographic algorithms, usually encryption algorithms. This usually refers to data that is transmitted or stored unencrypted. Overview With the advent of c ...

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.

TCPA class action lawsuit

In October 2015, a class action lawsuit was filed against TD Bank claiming that it violated the

Telephone Consumer Protection Act of 1991 The Telephone Consumer Protection Act of 1991 (TCPA) was passed by the United States Congress in 1991 and signed into law by President George H. W. Bush as Public Law 102-243. It amended the Communications Act of 1934. The TCPA is codified as ...

. The lawsuit stated that the bank called consumers up to ten times per day. As of July 3, 2017, all but one of the claims were dismissed by Judge Jerome B. Simandle, which casts doubt on the veracity of the claims.

Coin-count machine lawsuit

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

Financial Penalties

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.

Sponsorships

In 2005, TD Banknorth announced it purchased the naming rights of what is currently the

TD Garden TD Garden is a multi-purpose arena in Boston, Massachusetts. It is named after its sponsor, TD Bank, a subsidiary of the Toronto-Dominion Bank of Toronto, Ontario. It opened in 1995 as a replacement for the original Boston Garden and has bee ...

, home of the

Boston Celtics The Boston Celtics ( ) are an American professional basketball team based in Boston. The Celtics compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference Atlantic Division. Founded in 1946 as one of ...

and

Boston Bruins The Boston Bruins are a professional ice hockey team based in Boston. The Bruins compete in the National Hockey League (NHL) as a member of the Atlantic Division (NHL), Atlantic Division in the Eastern Conference (NHL), Eastern Conference. The ...

sports teams. When TD Bank bought

Commerce Bancorp Commerce Bancorp was a Cherry Hill, New Jersey–based bank created in 1973. In 2007, it was purchased by Toronto-Dominion Bank, which merged Commerce with TD Banknorth to form TD Bank, N.A.; all of its banks and branches were given the TD Ban ...

in 2009, the company became title sponsor of the TD Bank Ballpark, home of the

Somerset Patriots The Somerset Patriots are an American Minor League Baseball team based in Bridgewater Township, New Jersey, that is the Double-A affiliate of the New York Yankees. They compete in the Eastern League, known as the Double-A Northeast in 2021, an ...

. 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 On November 4, 2019, TD announced an extension of their long standing Canadian partnership with the

Toronto Blue Jays The Toronto Blue Jays are a Canadian professional baseball team based in Toronto. The Blue Jays compete in Major League Baseball (MLB) as a member club of the American League (AL) East division. Since 1989, the team has played its home games ...

into the United States with the naming rights to the team's spring training home in Dunedin, FL., to be renamed TD Ballpark.

Notes

External links

* {{DEFAULTSORT:Td Bank, N.A. Toronto-Dominion Bank Cherry Hill, New Jersey Companies based in Camden County, New Jersey Banks based in New Jersey Banks based in Maine Economy of the Northeastern United States American companies established in 1852 Banks established in 1852 1852 establishments in Maine American subsidiaries of foreign companies 2008 mergers and acquisitions