TD Bank (United States)

TD Bank, N.A.
Company type	Subsidiary
Industry	Banking, Financial services
Predecessor	Banknorth, Commerce Bank
Founded	1802 (origins with Woodstock National Bank)
Headquarters	Cherry Hill, New Jersey, United States
Area served	East Coast of the United States (15 states plus Washington, D.C.)
Products	Banking services
Parent	Toronto-Dominion Bank

Adapted from the English Wikipedia article TD Bank (United States), available under CC BY-SA 4.0Updated 24 July 2025

TD Bank, N.A. (previously known as TD Banknorth) operates as a national bank within the United States and functions as a subsidiary of the Canadian-based multinational Toronto-Dominion Bank. Concentrating its services mainly along the East Coast throughout 15 states plus Washington, D.C., TD Bank holds the position of the seventh-largest U.S. bank by deposit volume and ranks tenth in terms of total assets. This stature has been attained through an array of mergers and acquisitions. The bank’s main office is situated in Cherry Hill, New Jersey, in close proximity to Philadelphia. As a federally chartered entity, its official trading designation includes the suffix "N.A."

In August 2004, Toronto-Dominion Bank acquired majority ownership and subsequently renamed Banknorth Group to TD Banknorth, N.A. By April 2007, it had completed full ownership of TD Banknorth. The acquisition of Commerce Bank, headquartered in New Jersey, took place in April 2008, after which the institution adopted the TD Bank brand and established dual headquarters in Cherry Hill and Portland, Maine. The legal corporate name was updated to TD Bank, N.A. in May 2008, with all branches completing their rebranding by September 2009.

On October 10, 2024, TD Bank admitted guilt to charges involving conspiracy related to money laundering due to prolonged deficiencies in detecting suspicious transactions over a span of ten years. The bank consented to a $3 billion penalty payment and agreed to a four-year independent oversight period accompanied by extensive reforms targeting anti–money laundering controls.

History

The entity known today as TD Bank traces its origins back to multiple regional savings institutions in Maine and Vermont beginning with Woodstock National Bank in 1802.

Portland Savings Bank

Established in 1852, Portland Savings Bank initially maintained limited operating hours and was led by Albion K. Parris—then mayor of Portland—as its inaugural President. The bank emphasized serving the local community and endured significant challenges such as the Portland fire and various financial crises throughout the 19th century. By 1902, it boasted nearly 24,000 depositors with deposits approaching $10 million. Expansion continued with new premises on Congress Street by 1925.

The Great Depression following the 1929 Stock Market Crash posed serious challenges for the bank, leading to the establishment of a Real Estate Department focused on managing foreclosed assets. After World War II, under CEO Roger Lambert’s leadership from 1965 to 1981, the bank underwent accelerated growth marked by improvements in governance and an expanded service lineup that included commercial lending and money market certificates. During this period, assets increased from $63 million to $294 million while branch locations grew from two to thirteen throughout Maine.

People’s Savings Bank

Founded in Lewiston, Maine in 1875, People’s Savings Bank prospered alongside the thriving mill industry in the region. It was innovative in introducing $1 “baby accounts” requiring ten-year commitments as well as Christmas and vacation savings clubs. Although impacted by the decline of mills during the 1920s and ’30s, it experienced recovery during World War II by supporting emerging industries that replaced textile manufacturing.

Rockland Savings/Heritage Savings Bank

Rockland Savings was established in Rockland, Maine in 1868 and later changed its name to Heritage Savings Bank in 1974. In 1978, Heritage Savings merged with Penobscot Savings from Bangor—recognized for pioneering school-linked children’s savings programs—and Waterville Savings from Waterville; both institutions had been founded in 1869. These consolidations broadened Heritage Savings’ regional influence and enhanced its range of financial products.

Franklin County Savings Bank & Trust Co.

Originating in 1899 in St. Albans, Vermont, Franklin County Savings Bank kept its original name until the early 1970s, when it combined with Lamoille County Bank & Trust Company (established 1875) to form Franklin Lamoille Bank. Subsequently, the institution created a holding company known as Banknorth.

Woodstock National Bank, established in 1802, became part of Howard Bancorp and retained its name until it merged with First Vermont Bank & Trust Company in 1999.

Granite Savings Bank & Trust Company

Founded in 1885 in Barre, Vermont, Granite Savings Bank & Trust relocated its headquarters to 36 North Main Street. In 2000, it merged with its affiliate The Howard Bank under the umbrella of Banknorth Group Inc., which was eventually acquired by Peoples Bank of Maine.

Howard Bank N.A.

Howard National Bank & Trust began operations in 1870 in Burlington, Vermont. It expanded by acquiring multiple banks that operated under the Howard brand. In 1995, it established Howard Bancorp, which merged with Banknorth Group Inc. a year later, adopting the Banknorth name to signify its statewide growth strategy.

First Vermont Bank & Trust Company

Since its inception in 1906, First Vermont expanded by acquiring Franklin Lamoille Bank and was among the pioneers in implementing online teller services. Following Howard Bancorp's acquisition of Banknorth Group, system upgrade costs were deemed prohibitive. In 1999, First Vermont acquired Woodstock National Bank; by 2002, these three Vermont banks consolidated into Banknorth N.A. Vermont, a division of Banknorth N.A. Woodstock National Bank represents the oldest institution within this Vermont banking heritage.

Portland/Peoples/Heritage Merger

Amid the difficult thrift industry conditions of the late 1970s and early 1980s—characterized by elevated inflation and interest rates—Portland Savings faced financial losses and sought consolidation. In 1982, Portland merged with People's and adopted the People's name. Two years later, People's and Heritage combined forces to create Peoples Heritage, a $1 billion organization led by President Wes Bonney.

Peoples Heritage quickly expanded its ATM network and introduced innovations such as Cashline phone banking. It also shifted its strategic focus toward commercial lending—a relatively new area for savings institutions. In 1986, the bank converted from a mutual organization to a publicly traded corporation to generate capital for expansion.

The institution targeted growing assets from $1 billion to $4 billion over five years through acquisitions, branch proliferation, and increased commercial lending and real estate activities. In 1988, it restructured as a bank holding company to facilitate further acquisitions.

Notable acquisitions included:

Northeast Leasing (1987)
Six branches acquired from Casco Northern Bank (1989)
First Coastal Bank located in Portsmouth, New Hampshire (1989)
Merchants National Bank of Dover, New Hampshire
First National Bank of Portsmouth (founded in 1824)
Oxford Bank & Trust Company (five branches) purchased from Bank of Vermont (1988), which was divested due to regulatory conditions during the acquisition of Bank of Boston

Additionally, Peoples Heritage established a $100 million personal trusts division, marking its entry into wealth management services.

1990 economic downturn and financial challenges

The collapse of Maine's real estate market in 1989 led to William J. Ryan assuming the roles of president and CEO. The recession of 1990 triggered the closure or merger of 111 banks throughout New England, with Peoples Heritage significantly affected by problematic loans in both real estate and commercial sectors. Between 1990 and 1992, the institution experienced financial losses and became subject to federal lending restrictions. To address these issues, management restructured the loan review process and established a retail real estate office to oversee foreclosed assets.

By the middle of 1992, improvements in asset quality were evident as non-performing loans declined, enabling the bank to return to profitability in 1993. A rights offering conducted late in 1992 successfully raised $38 million in capital. In 1993, leadership set a goal to double the bank’s assets to $5 billion by growing its market share within Maine and acquiring regional community banks.

Significant acquisitions during the 1990s included:

Mid-Maine Savings located in Auburn, Maine (1993)
Bankcore, Inc., including North Conway Bank in New Hampshire (1995)
Bank of New Hampshire (1995), which brought an additional $1.7 billion in assets and enhanced commercial banking capabilities; the bank retained its existing name and management team
Family Bancorp based in Haverhill, Massachusetts (1996)
Atlantic Bancorp of Portland, Maine, with $470 million in assets (1997)
CFX from Keene, New Hampshire (1997), effectively doubling People's assets to $10 billion; New Hampshire branches were merged into Bank of New Hampshire while Massachusetts branches joined Family Bancorp
Springfield Institution for Savings (SIS) in Springfield, Massachusetts (1998), holding $1.8 billion in assets including Glastonbury Bank and Trust Company of Connecticut
Banknorth Group headquartered in Burlington, Vermont (agreement finalized in 1999)

People's acquisition by Banknorth

The acquisition by Banknorth marked a pivotal moment as People's adopted the Banknorth brand. Based in Burlington, Vermont, Banknorth Group Inc. managed multiple community banks across Vermont and New Hampshire. This merger elevated People's assets to $17 billion and extended its reach into Massachusetts, Vermont, and New York through Evergreen Bank.

Following regulatory clearance, the merger was finalized on May 10, 2000, creating Banknorth Group Inc., headquartered in Portland, Maine. The combined organization encompassed eight community banks with a total of 101 branches, alongside an investment management firm overseeing $4 billion in assets and a mortgage lending division.

Banknorth pursued an assertive growth strategy through acquisitions such as:

Andover Bancorp with $1.8 billion in assets serving Essex and Middlesex counties, Massachusetts (2001)
MetroWest comprising 17 branches near Boston with approximately $1 billion in assets (2001)
Ipswich Bancshares operating eight branches north of Boston (2002)
Warren Bancorp located in Essex County, Massachusetts (2002)
Community Insurance Agencies, Inc. (May 2002)
Bancorp Connecticut with seven branches and $663 million in assets (2002)
American Savings Bank based in New Britain, Connecticut with $4 billion in assets and 47 branches (2003)
CCBT Financial Companies holding $1.4 billion in assets across 26 Massachusetts branches (2003)
Boston Federal Savings Bank possessing $1.7 billion in assets with 16 branches throughout Massachusetts (2004)

Throughout the late 1990s into the early 2000s, Banknorth concentrated on developing a financial services platform grounded in community banking principles. The launch of Banknorth Insurance Group occurred in 1997, and by 2002 it had become New England’s largest insurance brokerage entity. Investment management capabilities expanded via trust operations within its subsidiaries.

On December 31, 2001, Banknorth Group unified its seven subsidiary banks into a single institution—Banknorth NA—operating under the Peoples Heritage Bank charter originally established in 1852 while preserving local trade names to maintain regional branding.

TD's Acquisition of Banknorth

On August 26, 2004, TD Bank Financial Group revealed an agreement to purchase a 51% stake in Banknorth’s outstanding shares for $3.8 billion USD. The transaction received approval from Banknorth shareholders on February 18, 2005, with final authorization granted on March 1, 2005. Post-acquisition, Banknorth was renamed TD Banknorth Inc. and reestablished as a Delaware corporation. Its subsidiaries encompassed Banknorth Connecticut, Peoples Heritage Bank (Maine), Banknorth Massachusetts, Bank of New Hampshire, Evergreen Bank (New York), Hudson United Bank, Banknorth Vermont, and Bancnorth Insurance Group, predominantly operating under the TD Banknorth of State branding (e.g., "TD Banknorth of Maine").

Toronto-Dominion Bank finalized the purchase of all outstanding TD Banknorth shares on April 20, 2007.

In July 2005, TD Banknorth expanded its reach by acquiring Hudson United Bank based in Mahwah, New Jersey, thereby increasing its presence in Connecticut and New York and entering markets in northern New Jersey and Philadelphia. This deal closed on January 31, 2006, with all Hudson United branches rebranded as TD Banknorth. Many former Hudson United locations now operate as part of TD Bank, N.A.

Further growth occurred when TD Banknorth acquired Interchange Financial Services Corp in April 2006, adding 30 branches across Bergen and Essex counties in New Jersey. Additionally, in January 2006, it purchased Boothby & Bartlett Company, a central Maine insurance agency.

Following the acquisition of TD Waterhouse USA by Ameritrade Holding Corporation in 2006, TD Ameritrade became a sister company. On November 20, 2006, TD Bank Financial announced plans to buy the remaining publicly traded shares of TD Banknorth at $32.33 per share; this transaction concluded on April 20, 2007, making TD Banknorth a fully owned subsidiary.

On October 2, 2007, Toronto-Dominion declared intentions to acquire Commerce Bancorp from Cherry Hill, New Jersey, subject to regulatory approval. The merged institution was intended to be called TD Commerce Bank. However, in March 2008, Commerce Bank & Trust Company of Worcester filed suit to block the use of the "TD Commerce" name within Massachusetts. A federal judge issued a preliminary injunction on May 2, 2008. As a result, Toronto-Dominion abandoned the Commerce branding and unified all branches under the "TD Bank" name.

Transition to TD Bank Brand

TD Bank’s origins trace back to Portland Savings Bank and later evolved into Banknorth following mergers with multiple New England banks. In 2004, Canada-based TD Bank Group acquired majority ownership and rebranded the entity as "TD Banknorth, N.A." by incorporating its Canadian parent’s "TD" initials. On May 31, 2008, after acquiring Commerce Bank, TD Bank Group merged it with TD Banknorth to establish TD Bank, N.A., serving as its U.S. subsidiary.

In 2010, TD Bank, N.A. broadened its footprint in the Carolinas and Florida through the acquisition of South Financial Group, which included Carolina First and Mercantile Bank’s combined total of 172 branches for roughly $191 million. These locations were subsequently rebranded as TD Bank.

By 2013, TD consolidated its U.S. headquarters in Cherry Hill, New Jersey.

In February 2016, the consumer card division of TD Bank acquired the credit card portfolio from Nordstrom for $2.2 billion. This purchase enhanced its private-label credit card offerings alongside existing portfolios for Target, NordicTrack, and Tourneau.

On October 29, 2021, Leo Salom was named U.S. President & CEO of TD Bank, N.A., succeeding Greg Braca effective January 1, 2022. Prior to this role, Salom led TD’s wealth management and insurance businesses.

On February 28, 2022, TD Bank revealed plans to acquire Memphis-based First Horizon Corporation for $13.4 billion; however, this merger was mutually terminated in May 2023.

2012 data security incident

In October 2012, the Massachusetts attorney general disclosed that TD Bank had lost unencrypted backup tapes containing extensive customer information, including Social Security and bank account details. Initially, the bank did not reveal how many clients were affected but later confirmed the number at 267,000. Customer notifications were delayed by more than six months.

TCPA class action litigation

TD Bank was subject to a class action lawsuit in October 2015 for allegedly breaching the Telephone Consumer Protection Act of 1991 by placing as many as 10 calls daily to individuals. By July 2017, Judge Jerome B. Simandle dismissed all but one of the claims.

Coin-counting machine dispute

In 2016, a lawsuit targeted TD Bank’s "Penny Arcade" coin-counting devices, accusing them of underreporting coin totals by roughly 26 cents per $100, resulting in an estimated $9 million in customer losses.

Financial sanctions

Since 2000, TD Bank has incurred over $197 million in fines related to breaches of consumer protection laws, banking regulations, investor safeguards, wage rules, and privacy standards. Some instances involved mitigating circumstances such as inadvertent human mistakes at branches caused by fraudulent customer data.

2024 money laundering enforcement

On October 10, 2024, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury imposed a historic $1.3 billion penalty on TD Bank for persistent anti-money laundering (AML) compliance failures. This was part of a larger $3 billion resolution involving several U.S. regulatory bodies. TD acknowledged knowingly neglecting its AML controls for more than ten years, permitting trillions of dollars in suspicious transactions annually. Shortcomings included insufficient oversight of peer-to-peer transfers linked to human trafficking and fentanyl distribution and enabling over $670 million in transactions benefiting a Chinese organized crime syndicate. The bank consented to a four-year independent monitoring regime and extensive AML program enhancements.

Senator Elizabeth Warren criticized the Justice Department for not formally charging TD with money laundering or prosecuting senior executives, contending that this approach allows banks to treat penalties as mere business expenses rather than enforcing strict compliance. Senators Warren and Ron Wyden demanded that TD disclose which executives were accountable for AML deficiencies. In December 2024, the Department of Justice charged a Florida-based TD employee with facilitating money laundering activities involving Colombia.

In January 2025, TD expedited its CEO transition by appointing Raymond Chun effective February 1, alongside leadership restructuring and executive salary reductions. Jackie Sanjuas was appointed global head of financial crime management, signaling the company’s intensified focus on compliance and risk oversight.

Sponsorships

In 2005, TD Banknorth acquired naming rights for the TD Garden, home arena for the Boston Celtics and Boston Bruins, boosting its brand exposure in prominent sports markets.

After acquiring Commerce Bancorp in 2009, TD became the title sponsor of TD Bank Ballpark, home to the Somerset Patriots, thereby expanding its footprint within regional sports venues.

On August 22, 2019, TD announced a strategic alliance with The Shed arts center in Manhattan as lead sponsor of the "Open Call" artist commissioning initiative, aligning its brand with cultural programming.

In November 2019, TD extended its Canadian partnership with the Toronto Blue Jays into the U.S. by securing naming rights to their spring training facility in Dunedin, Florida—renamed TD Ballpark—enhancing cross-border brand visibility.

External links