{"id":534753,"date":"2010-04-19T11:06:00","date_gmt":"2010-04-19T15:06:00","guid":{"rendered":"e2249889-c78b-43e3-9643-b1d7d4aa587b:425168"},"modified":"2010-04-19T11:06:00","modified_gmt":"2010-04-19T15:06:00","slug":"failed-banks-provide-cheap-expansion-of-td-bank-franchise","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/534753","title":{"rendered":"Failed banks provide cheap expansion of TD Bank franchise"},"content":{"rendered":"<p>The addition of three failed banks to <a href=\"http:\/\/www.financialpost.com\/markets\/company\/index.html?symbol=TD&amp;id=99306\" >TD Dominion Bank&#39;s<\/a> U.S. portfolio may not be as bad as it sounds. <\/p>\n<p>Late Friday, TD said it had been selected as part of a Federal Deposit Insurance Corp. (FDIC) bidding process, the buyer of Riverside National Bank of Florida, First Federal Bank of North Florida and AmericanFirst Bank, also located in the sunshine state.&nbsp; <\/p>\n<p>&quot;We view this development as likely a cost-effective expansion<br \/>\nof TD&#39;s franchise and as a positive development,&quot; Michael Goldberg, an analyst at Desjardins Securities, said in a note to clients. <\/p>\n<p>\nWith the purchase, TD Bank is acquiring about US$3.8-billion in assets, and operations including US$3.1-billion in deposits.\n<\/p>\n<p>TD Bank is securing about 40 locations for future branches,<br \/>\nbringing its total in Florida to about 103 from 34. The assets being acquired<br \/>\nin the transaction include loans worth US$2.1-billion, which are covered<br \/>\nby a loss-share agreement.<br \/>\nIn the unlikely event that all loans went to zero,the maximum cost to TD of the three banks would be roughly US$575-million.&nbsp; \n<\/p>\n<p>&quot;The acquisition of these banks significantly expands TD&#39;s presence in<br \/>\nFlorida&#8211;to #9 measured by the number of branches and #14 ranked by deposits in the state, Mr. Goldberg said. He left his top pick rating and $81 price target unchanged. <\/p>\n<p><a href=\"mailto:dpett@nationalpost.com%20\">David Pett<br \/><\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/network.nationalpost.com\/NP\/aggbug.aspx?PostID=425168\" width=\"1\" height=\"1\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The addition of three failed banks to TD Dominion Bank&#39;s U.S. portfolio may not be as bad as it sounds. Late Friday, TD said it had been selected as part of a Federal Deposit Insurance Corp. (FDIC) bidding process, the buyer of Riverside National Bank of Florida, First Federal Bank of North Florida and AmericanFirst [&hellip;]<\/p>\n","protected":false},"author":4060,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-534753","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/534753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4060"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=534753"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/534753\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=534753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=534753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=534753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}