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TD Bank Acquires Three Failed Banks In US

TD Bank, a wholly-owned subsidiary of Canada-based TD Bank Financial Group, has acquired certain assets and liabilities of Riverside National Bank of Florida, First Federal Bank of North Florida and AmericanFirst Bank from the Federal Deposit Insurance Corporation (FDIC) effective immediately.

TD Bank has entered into a purchase and assumption agreement with the FDIC, covering Riverside’s 58 branches in central Florida and adding to its existing branch network. Separate agreements also cover First Federal’s eight locations and AmericanFirst’s three locations. In addition, TD Bank will gain a total of 80 ATMs as a result of these transactions.

The deposits of the former customers of Riverside, First Federal and AmericanFirst will continue to be insured by the FDIC up to the insurance limit. Customers can continue to bank at these locations and will be served by the same teams.

Ed Clark, president and CEO of TD Bank Financial Group, said: “We’re extremely pleased with these acquisitions. They add quality stores to our existing retail network in target markets, allow us to accelerate our organic growth in Florida by five years, and come with limited downside credit risk. Simply put, they are a win-win for our customers and shareholders alike.”

Bharat Masrani, president and CEO of TD Bank, said: “These acquisitions give us an even stronger footprint in the key, fast-growing Florida market, increasing our presence to about 100 locations. We’re pleased to be involved in these transactions, which not only help expand our presence in the US but also allow us to work with the FDIC in its mission to maintain stability and public confidence in the US financial system.”