TD Bank, N.A.

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This article is about the United States based bank. For the Canadian parent company, see Toronto-Dominion Bank.
TD Bank, N.A.
TypeSubsidiary
IndustryBanking, Financial services
FoundedJanuary 1852; 170 years ago (1852-01)
Portland, Maine, U.S.
HeadquartersCherry Hill, New Jersey, U.S.[1]
Number of locations
1,220[2]
Area served
Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, D.C.
Key people
Greg Braca (CEO)
Number of employees
26,000+
ParentToronto-Dominion Bank
Websitetdbank.com Website
TD Bank branch in Chinatown, Washington, D.C.

TD Bank, N.A., is an American national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank. It operates primarily across the East Coast, in fifteen U.S. states and Washington, D.C. TD Bank is the seventh-largest U.S. bank by deposits and the 11th largest bank in the United States by total assets, resulting from many mergers and acquisitions.[2] T.D. Bank, N.A. is headquartered in Cherry Hill, New Jersey.[1]

History[]

It is a successor to the Portland Savings Bank, which later became Banknorth after a series of mergers with various other New England banks. Toronto-Dominion Bank 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, Toronto-Dominion Bank acquired Commerce Bank, and merged it with TD Banknorth to form TD Bank, N.A..[3]

In 2010, TD Bank N.A. acquired the South Financial Group and its 172 branches across the Carolinas and Florida. South Financial was the parent company of Carolina First, with branch locations in North and South Carolina and Mercantile Bank, with branch locations in Florida, for about $191 million. South Financial's branches were converted to the TD Bank name.[4]

In 2013, TD Bank, N.A. centralized its headquarters in Cherry Hill, New Jersey, U.S.[1]

In February 2016, TD Bank's consumer card division purchased the Nordstrom credit card unit for $2.2 billion.[5][6] The acquisition added Nordstrom to TD's growing folio of private-label cards that includes Target, NordicTrack, and Tourneau.[7][8]

Legal actions and public controversies[]

2012 data breach[]

In October 2012, the Massachusetts attorney general announced that TD Bank misplaced unencrypted backup tapes with "extensive customer information, including Social 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.[9]

TCPA class action lawsuit[]

In October 2015, a class action lawsuit was filed against TD Bank claiming that it violated the Telephone Consumer Protection Act of 1991.[10] The lawsuit stated that the bank called consumers up to ten times per day.[11]

As of July 3, 2017, all but one of the claims were dismissed by Judge Jerome B. Simandle, which casts doubt on the veracity of the claims.[12]

Coin-count machine lawsuit[]

In 2016, the bank was sued for allegations that their coin counting machines, "Penny Arcades," were inaccurately counting coins.[13] The lawsuit estimates that 26 cents out of every $100 was not counted, totaling to $9 million.[14]

Financial Penalties[]

The company has been assessed penalties in excess of $197 million since the year 2000 for consumer, banking, investor protection, wage and privacy violations. [15]

Sponsorships[]

See also: Toronto-Dominion Bank § Sponsorships

In 2005, TD Banknorth announced it purchased the naming rights of what is currently the TD Garden, home of the Boston Celtics and Boston Bruins sports teams.[16]

When TD Bank bought Commerce Bancorp in 2009, the company became title sponsor of the TD Bank Ballpark, home of the Somerset Patriots.

On August 22, 2019, TD announced its partnership with The Shed, the new arts center on Manhattan's Far West Side, as lead sponsor of the "Open Call" artist commissioning program[17]

See also[]

TD Bank's branch footprint after the South Financial merger

Notes[]

  1. ^ a b c "Media Contact Room". TD Bank. Retrieved 2021-02-10.
  2. ^ a b "Company Fact Sheet". TD Bank. Retrieved 2021-02-10.
  3. ^ "Company History". TD Bank. Retrieved 2021-11-27.
  4. ^ http://charlotte.bizjournals.com/charlotte/blog/bank_notes/2010/05/td_financial_buys_south_carolinas_south_financial_group.html TD Financial buys South Carolina's South Financial Group
  5. ^ González, Ángel (May 26, 2015). "Nordstrom sells credit-card portfolio to Canadian bank". The Seattle Times.
  6. ^ "Nordstrom Sells Credit Card Assets, Rewards Shareholders". Yahoo! Finance. October 2, 2015. Retrieved 2021-02-16.
  7. ^ "Target to sell credit card portfolio to TD Bank". Reuters. October 23, 2012.
  8. ^ "Tourneau Selects TD Retail Card Services for Private Label Credit Card" (Press release). TD Retail Card Services. June 23, 2010. Retrieved 2021-02-10.
  9. ^ Wallack, Todd (October 12, 2012). "TD Bank data breach affects 267,000 customers, including 73,000 in Massachusetts". The Boston Globe. Retrieved 2012-10-13. 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.
  10. ^ "TD Bank Hit with TCPA Class Action Lawsuit". Mondaq Business Briefing. Archived from the original on October 20, 2017. Retrieved 2017-10-19.
  11. ^ "TD Bank Sued Over Robotcalls". Law360. October 27, 2015. Retrieved 2017-10-13.
  12. ^ "Martinez v. TD Bank USA, N.A." Law360. Retrieved 19 October 2017.
  13. ^ DeAngelis, Martin (April 29, 2016). "Customer Sues TD Bank, Saying Coin-Count Machines Were Ripoff". The Press of Atlantic City. Archived from the original on 2017-10-20. Retrieved 2017-10-19.
  14. ^ Walsh, Josh (June 26, 2017). "TD may pay $7.5 million to Penny Arcade users". Courier Post. Cherry Hill. Retrieved 19 October 2017.
  15. ^ "Toronto-Dominion Bank | Violation Tracker". violationtracker.goodjobsfirst.org. Retrieved 2021-12-03.
  16. ^ Kerber, Ross (April 1, 2008). "Commerce Bank & Trust Sues to Guard Mass. Identity". The Boston Globe. Retrieved 2010-08-30.
  17. ^ "TD Partners with The Shed to Expand Opportunities in the Arts Across New York City" (Press release). TD Bank. August 22, 2019. Retrieved 2021-02-10 – via PR Newswire.

External links[]

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