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 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]
Legal actions and public controversies
2012 data breach
In October 2012, the Massachusettsattorney 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
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
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
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]
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]
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]
↑ 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 October 14, 2012. Retrieved October 13, 2012. 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.
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