TD Banknorth , formerly Banknorth , is a wholly owned subsidiary of Toronto-Dominion Bank which engages in banking and insurance activities, primarily serving the northeastern region of the United States, headquartered in Portland , Maine. Bank becomes TD Bank, N.A. in June 2008.
In August 2004, Toronto-Dominion Bank became the majority owner, renamed it "TD Banknorth, N.A."; all remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20, 2007.
The company's operations are Banknorth Connecticut, Peoples Heritage Bank (in Maine), Banknorth Massachusetts, Bank of New Hampshire, Evergreen Bank (in New York), Hudson United Bank, Banknorth Vermont, and Bancnorth Insurance Group. The majority of these companies are labeled as TD Banknorth Country (eg "TD Banknorth of Maine").
On April 10, 2008, TD Banknorth joined the New Jersey-based Commerce Bank to form TD Bank, with joint headquarters in Cherry Hill, New Jersey and Portland, Maine. The bank's official name was changed to TD Bank, NA in June 2008, with all branches of TD Banknorth outside New England and all Commerce Bank branches re-branded in fall 2008. The remaining branches, in New England, picked up over the new name in September 2009.
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History
The origin of the Banknorth Group, now TD Bank , is located in a number of local Maine savings banks, and in Vermont since 1802 with Woodstock National Bank.
Portland Savings Bank
The Portland Savings Bank was founded in 1852, and was originally only open on Wednesdays and Saturdays from 11 to 1. Albion K. Parris, the mayor of Portland, was the first President. Public support and public projects are important bank goals. It was a terrific fire weather in Portland and financial panic in 1873 and 1878, and in the 50th year in 1902 had 24,000 depositors, nearly $ 10,000,000 in deposits, and nine staff. In 1906, a branch at Congress Street joined the branch office, and nineteen years later all businesses moved to Congress Street.
The Stock Market Crash of 1929 and the next Great Depression seriously threatened the bank. To handle the amount of property that belongs to him through foreclosure, the bank forms a "Real Estate Department" or property management division. Returning to prosperity with the post-war mortgage boom, Portland Savings underwent a revolution under the leadership of Roger Lambert, CEO from 1965 to 1981. He encouraged the formation of a more dynamic board of directors and established a variety of bank services, following a commercial bank model. He expanded Portland Savings' commercial loan portfolio and introduced innovative retail products such as money market certificates. Between 1965 and 1981, banks grew from 2 to 13 branches in Maine, with assets increasing from $ 63 to $ 294 million
People's Savings Bank
The People's Tabungan was founded in 1875 in Lewiston, Maine. A conservative but successful bank, it prospered with the local factory economy. In the early twentieth century the bank innovated by opening a $ 1 account for all babies born in the area, provided that there is no withdrawal for ten years. The policy was valid until the 1970s. Christmas and holiday clubs were also established. The local banks suffered greatly from the decline of factory economies in the 1920s and 1930s, but enjoyed a recovery during World War II, with renewed industry and defense bond business. In the postwar period, the People helped finance new industries that gradually replaced textiles in the local economy.
Savings Bank Rockland/Savings Bank Heritage
Rockland Savings was founded in 1868 in Rockland, Maine, (following efforts in 1855 and 1861). In 1974, his name changed to the Heritage Savings Bank. In 1978, merged with:
- Penobscot Savings, Bangor, was founded in 1869 and is a pioneer in savings for children who work with the local school system. "Conservative small bank in a conservative small town," did not expand its branch system until 1961, when the second office opened.
- Savage Waterville, founded in Waterville in 1869.
Franklin County Savings Bank was founded in 1899 in St. Louis. Albans, Vermont. Bank maintains the name of Franklin County Bank until merger with Lamoille County Bank & amp; Trust Company (1875) in the early 1970s. After the merger, the bank adopted a new name, Franklin Lamoille Bank. The bank also includes a parent company called Banknorth.
Woodstock National Bank was founded in 1802 and merged with Howard Bancorp, Woodstock National Bank retained its name until June 1999 when it joined the twin bank First Vermont Bank & Trust Company.
Granite Bank Savings & amp; Company Trust
The Granite Saving Bank & amp; Trust Company was founded in Barre, Vermont in 1885. The bank's original office, located on North Main Street in Barre, is now home to a group of senior citizens. The current headquarters are 36 North Main Street, Barre. Banknorth Group Inc. plans to retain the name until it is purchased by Peoples Bank (Maine). In 2000, Bank Granite Savings & amp; Trust joins his twin bank, The Howard Bank, a change that customers never see until their statements arrive.
The Howard Bank N.A.
Howard National Bank & amp; Trust Company of Burlington, Vermont, was founded in 1870. The bank bought several banks and took them under the name Howard Bank. The bank changed and shortened its name when it became a banking company across the state. The bank also created the parent banking company as "Howard Bancorp" in 1995, and in 1996 Howard Bancorp joined Banknorth Group Inc. Under the deal, Howard Bancorp decided to take on the name of Banknorth Group.
First First Vermont Bank & amp; Company Trust
The First Vermont Bank & amp; Trust was founded in 1906. The company bought Franklin Lamoille Bank and was one of the first banks to offer on-line banking to tellers. However, when Howard Bancorp bought Banknorth Group, management found it too expensive to upgrade the new division system. In 1999, the bank acquired Woodstock National Bank and in 2002, the three Vermont banks merged into Banknorth N.A. Vermont, a division of Banknorth N.A.
The oldest component currently recorded by Banknorth for the Vermont banking company is Woodstock National Bank. All Vermont banking companies are from the 1800s with the exception of First Vermont Bank from 1906.
Sponsorship of Portland/Peoples/Heritage
"The late 1970s and early 1980s were difficult years for the austerity industry.Because inflation and interest rates jumped to double digits, savings banks in Maine and elsewhere found themselves forced to pay higher interest rates to attract depositors while maintaining a large portfolio of low-interest mortgage terms. "In 1981, Portland Savings declared a loss and recognized the urgent need for consolidation in the local banking market. The following year, Portland and People regulated the merger, and the new bank adopted the People's name. In 1984, the Society and Heritage joined as the Heritage of the Population - a multibillion-dollar institution with Wes Bonney as its first President. The new bank, with a total of 35 branches, is moving quickly to expand its ATM network, introducing innovations such as Cashline telephone banking, and developing an emphasis on commercial lending - a new development for traditional savings banks. In 1986, in an effort to acquire capital for expansion, the People dropped its charter as a joint bank and restored it to a public company.
With its new resources, the bank plans to grow its asset base from $ 1 billion to $ 4 billion within five years. This will be achieved through acquisitions, branch network expansions, and rapid increases in commercial and real estate loans. In 1988, Peoples Heritage reorganized itself as the parent company of the bank to gain greater flexibility in acquiring banks and non-banks.
Acquisitions in that period are:
- Northeast Leasing - 1987
- Six branches from Casco Northern BankÃ, â € "1989
- First Coastal Bank, Portsmouth, NHÃ, - 1989
- Merchants of National Bank of Dover
- First National Bank of Portsmouth, founded in 1824
- The Oxford Bank & amp; Corporate Trust of the Bank of Vermont (As part of the purchase of Bank of Vermont Bank of Boston, the regulator requires to sell the Oxford Bank & Trust component). (5 branches - 1988).
- Have a $ 100 million personal trust department, Peoples' first business in the area.
Maps TD Banknorth
Recession and crisis
In 1989, the Maine real estate market collapsed. During this crisis, William J. Ryan became the new President and CEO. In 1990, the recession resulted in 111 bank closures or mergers in New England. Public stocks are beginning to decline as serious problems arise with bad debts, especially in the shaky real estate sector, but also in the commercial world. In the period 1990 to 1992, the People lost money, and federal regulators issued a stop order and stopped limiting bank freedom in the lending area. In response, the management team was shaken, and a special team was assigned to review loans and restructuring. The Bank opened an innovative retail real estate retail office to move the foreclosed properties.
Recovery began in mid-1992. The Bank has aggressively reduced its portfolio of bad loans, and all positive asset quality trends, have had a beneficial impact on earnings. In 1993, the bank again became profitable, and capitalized again with offer rights in Q4 1992, earning $ 38 million in new capital.
Recovery and expansion
In 1993, Peoples' management held a retreat to plan strategies for future growth. Bill Ryan proposed doubling assets to $ 5 billion through market share maximization in Maine and other community bank acquisitions in the region.
The plan resulted in the following acquisitions during the 1990s:
- Mid-Maine Saving - Auburn, Maine, 1993
- Bankcore, Inc/North Conway BankÃ, - North Conway, New Hampshire, 1995
- Bank of New Hampshire, 1995Ã, - the second largest bank in New Hampshire, was founded in 1875, with assets of 1.7 billion. This acquisition increased the size of the Society by 1/3 to $ 4.2 billion. In addition, he established People's credentials as a commercial bank. The merger provisions allow The Bank of New Hampshire to maintain its name and management structure.
- The Bancorp Family - Haverhill, Massachusetts, 1996
- Atlantic Bancorp - Portland, MaineÃ, - 15 branch operations with assets $ 470, 1997
- CFX - Keene, New Hampshire, 1997 - originally Cheshire County Savings Bank, 1897. This acquisition doubled the assets of People to $ 10 billion. The NH branch became part of The Bank of New Hampshire, while the Massachusetts branch joined Family Bancorp.
- The Springfield Rescue Agency (SIS) Ã,â € "1998Ã, - Springfield, Massachusetts - 1.8 billion assets - including Glastonbury Bank and Trust Company of Glastonbury, Connecticut
- Banknorth Group of Burlington, Vermont (1870), agreement reached in 1999
Society becomes Banknorth
The Banknorth acquisition is the most significant to date, and with it Peoples assumes the name Banknorth. Banknorth Group Inc. headquartered in Burlington, Vermont. The company is the holding company for: Franklin Lamoille Bank (1899) at St. Albans; The Howard Bank N.A. (1870) in Burlington; Stratevest N.A. (Investment & Management) in Burlington (FLB, THB, GSB, FVB, FNB, FMB, EB); Granite Savings Bank & amp; Trust Company (1885) in Barre; Woodstock National Bank (1802) in Woodstock; First Vermont Bank & amp; Trust Company (1906) at Brattleboro; and Farmington National Bank (1854), Farmington, New Hampshire. Mergers increased the assets of Peoples to $ 17 billion and gave it a greater presence in Massachusetts, Vermont and, through Evergreen Bank (Glens Falls, (1853), in New York.
The merger settlement was delayed by regulatory review, but on May 10, 2000, Banknorth Group Inc. of Portland, Maine was formed. "The acquisition of Banknorth brings into the folds of eight separate community banks (Franklin Lamoille Bank NA, The Howard Bank NA, and First Vermont Bank NA in Vermont; Bank of New Hampshire under the charter Farmington National Bank in New Hampshire; Oxford Bank & , Distribution of Peoples Heritage Bank, and Peoples Heritage Bank in Maine, First Mass. Bank in Massachusetts; GBT; First Mass Bank division in Connecticut; and Evergreen Bank in New York), with 101 branches, together with investment management firm Stratevest overseeing about 4 billion free-floating assets and mortgage lending units. "
The new organization is updating the acquisition program. "When Banknorth expands across the New England map, the message remains the same: the values ​​of community banking, enhanced by resources from large banking organizations, make banks better."
Acquisitions in the period include:
- Andover Bancorp, the $ 1.8 billion company - 15 branches in Essex and Middlesex, Massachusetts, 2001 districts
- MetroWestÃ, - 17 branches in Boston's western outskirts - slightly less than $ 1 billion in assets, 2001
- Ipswich BancsharesÃ, - 8 branches north of Boston, 2002
- Warren BancorpÃ, - Essex County, Massachusetts, 2002
- Community Insurance Institute, Inc. - May, 2002
- Bancorp Connecticut - seven branches and $ 663 million in assets, 2002
- New American Savings Bank, Connecticut, 2003. Added $ 4 billion in assets and 47 branches in central Connecticut.
- CCBT Financial Company - Parent Company Cape Cod Bank & amp; Trust, with $ 1.4 billion in assets and 26 branches in Barnstable and Plymouth Counties, Massachusetts, 2003
- The Boston Savings Bank, a subsidiary of BostonFed Bancorp, Inc., with $ 1.7 billion in assets and $ 1.2 billion in deposits, and 16 branches in Middlesex, Norfolk, Essex and Suffolk Counties, Massachusetts, 2004
In the 1990s and early 2000s, the emphasis was on developing a financial services firm in a genuine community bank setting. In 1997, the bank launched what would become Banknorth Insurance Group, and in 2002 built the largest insurance brokerage group in New England. In 2002, the Banknorth Investment Management Group has grown from the trust business of Bank of New Hampshire and Banknorth consolidated Vermont consolidation operations, Stratevest.
On 31 December 2001, the holding company, Banknorth Group, Inc., incorporated seven subsidiary banks into one bank, Banknorth NA under the charter of Bank Rakyat Heritage since 1852, with one OCC charter. Using locally relevant trade names retains local identity in each state.
Acquisition of TD
On August 26, 2004, TD Bank Financial Group announced it has entered into an agreement with Banknorth to acquire 51% of the outstanding shares of the company for a total of $ 3.8 billion. Banknorth shareholders approved the transaction at a special shareholder meeting on February 18, 2005, and final approval was announced on March 1, 2005. In connection with the transaction, Banknorth changed its name to TD Banknorth Inc. and reincorporations in Delaware.
All remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20, 2007.
Sustainable growth
In July 2005, TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey. Hudson United previously acquired many regional banks. This acquisition significantly expands the presence of TD Banknorth in Connecticut and New York and expands the franchise to New Jersey and northern Philadelphia as well.
TD Banknorth announced the acquisition of Interchange Financial Services Corp. in April 2006, adding 30 branches in Bergen and Essex County of New Jersey.
In January 2006, the company completed the acquisition of Boothby & amp; Bartlett Company, Maine insurance agency center in Waterville.
Banknorth added a twin company, TD Ameritrade, established after Ameritrade Holding Corporation acquired TD Waterhouse USA from Toronto-Dominion Bank in 2006. On November 20, 2006, TD Bank Financial and TD Banknorth signed an agreement whereby TD Bank will acquire all shares left over from TD Banknorth held by the public for US $ 32.33 per share in cash. It was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TD Bank.
On October 2, 2007, Toronto-Dominion announced its plans to acquire New Jersey-based Cherry Hill, Commerce Bancorp, awaiting shareholders and regulatory approvals. The combined company was known as TD Commerce Bank, but in March 2008 Commerce Bank & amp; Trust Company of Worcester, Massachusetts filed a lawsuit against TD Banknorth, to prohibit banks from using the TD Commerce Bank name in existing Massachusetts branches. On May 2, 2008, federal judge F. Dennis Saylor was given an initial court order, banning the use of the TD Commerce name in the Massachusetts branch. Toronto-Dominion then dropped a plan to add a trade name to banking operations instead of choosing to operate all its branches as "TD Bank".
See also
- TD Bank Sports Center
- TD Park
Miscellaneous US banks owned by Canada
- CIBC World Markets USA - no retail operations
- Harris Bank
- RBC Centura
- Scotia Capital - no retail operations
References
(All quotes are from James Hayman, "Taken in the Flood: Unfinished Unfinished Story of the Banknorth Group", Banknorth Group, 2003. This official history is the primary source of information for the summary.)
External links
- TD Bank
Source of the article : Wikipedia
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