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The South Financial Group, Inc. parent company of Carolina First, Monday announced that it will merge with TD Bank.
The Toronto-Dominion Bank is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses, including TD Waterhouse and an investment in TD Ameritrade. TDBFG had $567 billion in assets on January 31, 2010.
TD Bank is one of the 15 largest commercial banks in the United States with $152 billion in assets. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine.
H. Lynn Harton, President and CEO of The South Financial Group, said “Our Carolina First and Mercantile (Fla.) operations will become an integral part of TDs expansion in building out the Maine to Florida franchise in the United States. This is a strong combination and will bring stability to our customers and employees.”
The addition of TSFG marks TD Banks entry into the Carolinas.
“TSFG offers us a strong platform for expansion in the U.S. Southeast, further expands our presence in Florida and demonstrates our continued commitment to growing our business,” said Bharat Masrani, President and CEO, TD Bank. “We believe that we can add significant upside by applying our retail expertise and WOW! culture to this established regional bank. The transaction builds on our organic growth capability and the momentum of our recent acquisitions in the deposit-rich Florida market. It also gives us a strong position in North and South Carolina, where Carolina First is a leading community bank with a solid base for market share growth and asset generation.”
Harton will join TD Banks management team.