 | |
| TD Bank | |
| Company type | Subsidiary |
| Industry | |
| Founded | January 1852; 173 years ago (1852-01), inPortland, Maine, U.S. |
| Headquarters | Cherry Hill,New Jersey,United States[1] |
Number of locations | 1,158[2] |
Area served | Connecticut,Delaware,Florida,Maine,Maryland,Massachusetts,New Hampshire,New Jersey,New York,North Carolina,Pennsylvania,Rhode Island,South Carolina,Vermont,Virginia, andWashington, D.C. |
Key people | Leo Salom (CEO) |
| Total assets | US$430 billion (2022)[2] |
Number of employees | 26,714 (2022)[2] |
| Parent | Toronto-Dominion Bank |
| Website | www |
TD Bank, N.A. is an Americannational bank and theUnited States subsidiary of the Canadian multinationalTD Bank Group. It operates primarily across theEast Coast, in 15U.S. states andWashington, D.C. TD Bank is the seventh-largest U.S. bank by deposits and the10th largest bank in the United States by total assets, resulting from a series of severalmergers and acquisitions. TD Bank, N.A. isheadquartered inCherry Hill,New Jersey, aninner suburb eight miles (13 km) outsidePhiladelphia. TD Bank is afederally chartered bank, thus its trading name bears "N.A." letters.
On October 10, 2024, in a historic settlement with U.S. authorities, TD pleaded guilty and agreed to pay $3 billion in combined penalties for money laundering conspiracy over a decade, including failure to monitor trillions in potentially suspicious transactions annually, necessitating a four-year independent monitorship and comprehensiveAML reforms.[3][4][5][6]
TD Bank is a successor to the Portland Savings Bank, which later becameBanknorth after a series of mergers with various otherNew England banks. The Canada-basedTD 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 acquiredCommerce Bank, and merged it with TD Banknorth to formTD Bank, N.A., what is now the United States subsidiary of its Canadian parent company.[7]
In 2010, TD Bank, N.A. acquired theSouth Financial Group and its 172 branches across the Carolinas andFlorida. South Financial was the parent company of Carolina First, with branch locations inNorth andSouth Carolina and Mercantile Bank, with branch locations in Florida, for about $191 million. South Financial's branches were converted to the TD Bank name.[8]
In 2013, TD Bank, N.A. centralized its Americanheadquarters inCherry Hill,New Jersey, U.S.[1]
In February 2016, TD Bank's consumer card division purchased theNordstrom credit card unit for $2.2 billion.[9][10] The acquisition added Nordstrom to TD's growing folio of private-label cards that includesTarget,NordicTrack, andTourneau.[11][12]
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.[13]
On February 28, 2022, TD Bank, N.A. announced plans to acquire Memphis, Tennessee-basedFirst Horizon Corporation for US$13.4 billion. The deal was expected to close in 2023, but was scrapped in May 2023.[14]
In October 2012, theMassachusettsattorney general announced that TD Bank misplacedunencrypted backup tapes with "extensive customer information, includingSocial 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.[15]
In October 2015, a class action lawsuit was filed against TD Bank claiming that it violated theTelephone Consumer Protection Act of 1991.[16] The lawsuit alleged the bank called consumers up to 10 times per day.[17] As of July 3, 2017, all but one of the claims were dismissed by Judge Jerome B. Simandle.[18]
In 2016, the bank was sued for allegations that theircoin counting machines, "Penny Arcades", were inaccurately counting coins.[19] The lawsuit estimates that 26 cents out of every $100 was not counted, totaling to $9 million.[20][needs update]
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.[21]
On October 10, 2024, in a landmark enforcement action, the U.S. Treasury Department'sFinancial Crimes Enforcement Network (FinCEN) levied a record-breaking $1.3 billion penalty against TD Bank for chronic violations ofanti-money laundering (AML) laws, contributing to a total settlement of over $3 billion across multiple U.S. authorities. TD admitted to willfully neglecting its AML program for over a decade, allowing trillions of dollars in potentially suspicious transactions to go unchecked annually. TD Bank's failures ranged from inadequate monitoring of peer-to-peer transactions indicative of human trafficking andfentanyl trafficking, to facilitating over $670 million in transactions for aChinese organized crime ring.[22] TD agreed to a four-year independent monitorship and comprehensive reforms of its AML practices.[3][4][5][6][23][24] U.S. SenatorElizabeth Warren criticized the Justice Department's decision not to charge the bank directly with money laundering and their choice to shift legal liability to TD's U.S. holding company. Warren argued that by failing to prosecute high-level executives, the DOJ is allowing banks to simply factor enforcement fines into their cost of doing business rather than taking compliance seriously.[22][25] Warren and SenatorRon Wyden requested that TD identify executives responsible for AML compliance failures.[26] On December 11, 2024, DOJ charged a Florida-based TD employee with facilitating money laundering to Colombia.[27] In January 2025, TD announced major leadership changes and compensation cuts. Its CEO transition was accelerated, with Raymond Chun taking over on February 1, 2025.[28] Jackie Sanjuas was named as the new global head of financial crime management.[29][30]
In 2005, TD Banknorth announced it purchased the naming rights of what is currently theTD Garden, home of theBoston Celtics andBoston Bruins sports teams.[31]
When TD Bank boughtCommerce Bancorp in 2009, the company became title sponsor of theTD Bank Ballpark, home of theSomerset Patriots.[32]
On August 22, 2019, TD announced its partnership withThe Shed, the new arts center on Manhattan's Far West Side, as lead sponsor of the "Open Call" artist commissioning program.[33]
On November 4, 2019, TD announced an extension of their long standing Canadian partnership with theToronto Blue Jays into the United States with the naming rights to the team's spring training home inDunedin, Florida, to be renamedTD Ballpark.[34]
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.
