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TD Bank gets more U.S. exposure, but deal has good upside
Posted on June 23, 2008
Toronto-Dominion Bank has achieved critical mass in the U.S. with the acquisition of Commerce Bancorp, and although TD is now significantly more exposed to the weakening U.S. economy than its Canadian peers, there is plenty of upside from the deal, says National Bank analyst Rob Sedran.The combination of Commerce and TD s existing platform, TD Banknorth, will see TD rank in the top ten for deposit market share in eight states in the U.S., including New York, New Jersey and Massachusetts. It also increases TD s existing branch platform from 626 branches to 1,071 branches, and positions the ...
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