Toronto-Dominion Bank facts for kids
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Toronto-Dominion Centre in downtown Toronto
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Trade name
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TD Bank Group |
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| Traded as | |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=CA8911605092 CA8911605092] |
| Industry | Financial services |
| Predecessors |
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| Founded | February 1, 1955 |
| Headquarters | |
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Key people
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Raymond Chun (CEO) |
| Services |
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| Revenue |  CA$57.23 billion (2024) |
 $8.84 billion (2024) |
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| AUM | $541.5 billion (2024) |
| Total assets | $2.06 trillion (2024) |
| Total equity | $115.2 billion (2024) |
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Number of employees
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103,762 (FTE, 2024) |
| Divisions | TD Canada Trust |
| Subsidiaries |
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TD Bank Group is a big Canadian bank that helps people with their money. Its main office is in Toronto, Ontario, Canada. It started on February 1, 1955, when two older banks, the Bank of Toronto and the Dominion Bank, joined together. These two banks were founded in the mid-1800s.
TD Bank Group is one of Canada's five largest banks. It is also one of the biggest banks in North America and among the largest in the world. In 2023, it was ranked 43rd on the Forbes Global 2000 list, which names the world's biggest public companies.
The bank and its related companies have over 89,000 employees. They serve more than 26 million customers around the world. In Canada, TD Bank helps over 11 million customers through its TD Canada Trust branches. In the United States, it operates as TD Bank, N.A., serving more than 6.5 million customers across 16 states and Washington, D.C..
Contents
How TD Bank Began
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The two banks that formed TD Bank, the Bank of Toronto and the Dominion Bank, were both started a long time ago. The Bank of Toronto began in 1855, and the Dominion Bank started in 1869.
In 1954, these two banks decided to merge. The Canadian government approved this plan. On February 1, 1955, they officially became the Toronto-Dominion Bank. Both banks were similar in size and financially strong. They wanted to join forces to better compete with Canada's even larger banks. After the merger, TD Bank became the fourth-largest bank in Canada.
In 1967, TD Bank opened its new main office, the Toronto-Dominion Centre, in downtown Toronto. A few years later, in 1969, the bank introduced its well-known shield logo.
Important Steps in TD Bank's Growth
In 1976, TD Bank tested its first automated teller machine (ATM). They called it the TD 360, but it soon became known as the Green Machine. This name is still used today.
In 1987, the bank created Toronto Dominion Securities Inc. This part of the bank helps with investments. TD Bank grew a lot in the 1990s by buying other financial businesses. For example, it bought Central Guaranty Trust in 1992 and Waterhouse Investor Services in 1996.
In 1996, TD Bank teamed up with Bank of Montreal (BMO) and Royal Bank of Canada (RBC) to create Symcor. Symcor is a company that helps banks and other businesses with things like processing payments and customer statements.
In 1998, TD Bank and the Canadian Imperial Bank of Commerce planned to merge. However, the Canadian government stopped this merger. They believed it was not good for Canadians to have fewer big banks.
In 2000, TD Bank bought Canada Trust. Most of TD's banking services in Canada were then renamed TD Canada Trust. The government allowed this merger but made TD sell some of its branches and credit card business to ensure fair competition.
TD Bank in the 21st Century
In the early 2000s, TD Bank started to expand into the United States. In 2004, it bought a large part of Banknorth, a bank based in New England. Banknorth was later renamed TD Banknorth.
In 2007, TD Bank bought all the remaining shares of TD Banknorth. It also acquired Commerce Bancorp, another U.S. bank. These two companies then merged in 2008 to form TD Bank, N.A.. This helped TD Bank grow its presence across the eastern United States.
TD Bank continued to grow by buying other companies. In 2011, it acquired Chrysler Financial, which became TD Auto Finance. It also bought MBNA's Canadian credit card business.
In 2022, TD Bank made an offer to buy First Horizon Corp., a U.S. bank. This would have been a very large deal, but it did not go through due to concerns from regulators.
Later in 2022, TD Bank agreed to buy Cowen, a U.S. investment firm, for $1.3 billion. This deal helped TD Bank strengthen its investment services.
In 2023, TD Bank Group announced plans to buy back some of its own shares. This means the bank was buying parts of itself from investors. In February 2025, TD Bank also planned to sell its stake in Charles Schwab, another financial company. This was part of a plan to simplify its U.S. operations. In May 2025, TD Bank announced it would close 38 branches in the U.S. to adapt to changes in the banking industry.
Sports and Venue Sponsorships
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TD Bank Group supports many sports venues in Canada and the United States. They often have the "naming rights" for these places, meaning the venues are named after TD Bank.
One famous example is TD Garden in Boston, Massachusetts. This is a large indoor stadium where the Boston Celtics basketball team and the Boston Bruins hockey team play. TD Bank has held the naming rights for this venue since 2005, and the agreement was extended until 2045.
Other sports venues sponsored by TD Bank include:
- TD Station in Saint John, New Brunswick
- TD Coliseum in Hamilton, Ontario
- TD Place Arena and TD Place Stadium in Ottawa, Ontario
- TD Stadium in London, Ontario
- TD Ballpark in Dunedin, Florida
Leaders of TD Bank
TD Bank has had many important leaders since it was formed. Here are some of the people who have served as President and Chairman of the Board.
Presidents of TD Bank
- Albert Clifford Ashforth: February 1, 1955 – December 6, 1960
- Allen Thomas Lambert: December 6, 1960 – September 1972
- Richard Murray Thomson: September 1972 – April 30, 1978
- John Allan Boyle: May 1, 1978 – May 31, 1981
- Robert Willem Korthals: June 1, 1981 – January 31, 1995
- Alexander Charles Baillie: February 1, 1995 – July 5, 2000
- William Edmund Clark: July 6, 2000 – October 31, 2014
- Bharat Masrani: November 1, 2014 – January 31, 2025
- Raymond Chun: February 1, 2025 – present
Chairmen of the Board
- Byron Samuel Vanstone: February 1, 1955 – December 31, 1956
- Allen Thomas Lambert: 1961 – April 30, 1978
- Richard Murray Thomson: May 1, 1978 – January 31, 1998
- Alexander Charles Baillie: February 1, 1998 – April 3, 2003
- John Munro Thompson: April 3, 2003 – December 31, 2010
- Brian Michael Levitt: January 1, 2011 – January 31, 2024
- Alan Nelson MacGibbon: February 1, 2024 – September 1, 2025
- John Brent MacIntyre: September 1, 2025 – present
See also
In Spanish: Toronto-Dominion Bank para niños
- List of banks and credit unions in Canada
- List of banks in the Americas
- List of largest banks
