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 |
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| Founded | February 1, 1955 |
| Headquarters | |
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Key people
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Bharat Masrani (CEO) |
| Services | Commercial banking |
| Revenue |  CA$50.49 billion (2023) |
 $10.78 billion (2023) |
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| AUM | $450.5 billion (2023) |
| Total assets | $1.96 trillion (2023) |
| Total equity | $112.1 billion (2023) |
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Number of employees
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103,762 (FTE, 2023) |
| Divisions | TD Canada Trust |
| Subsidiaries |
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The Toronto-Dominion Bank, often called TD Bank Group, is a large Canadian bank. It offers many financial services around the world. Its main office is in Toronto, Ontario, Canada.
TD Bank was formed on February 1, 1955. This happened when two older banks, the Bank of Toronto (started in 1855) and The Dominion Bank (started in 1869), joined together. It is one of Canada's "Big Five" banks.
In 2021, TD Bank Group was the biggest bank in Canada. It was also one of the top 10 banks in North America. Globally, it ranked as the 23rd largest bank. In 2019, it was named a "global systemically important bank." This means it's a very important bank for the world's financial system.
The bank and its related companies have over 89,000 employees. They serve more than 26 million customers worldwide. In Canada, TD Bank helps over 11 million customers. It does this through its TD Canada Trust division, which has over 1,091 branches. In the United States, TD Bank, N.A. serves over 6.5 million customers. It has more than 1,200 branches in 16 states and Washington, D.C..
Contents
How TD Bank Started and Grew
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TD Bank was created from two older banks. The Bank of Toronto began in 1855. The Dominion Bank started in 1869. In 1954, these two banks decided to merge. The Canadian government approved this merger. On February 1, 1955, they officially became the Toronto-Dominion Bank.
In 1967, TD Bank opened its new main office. This was the Toronto-Dominion Centre in downtown Toronto. The bank also started working with Chargex in 1968. Chargex later became known as Visa Inc.. The well-known TD Bank shield logo was first shown in 1969.
In 1976, TD Bank tested its first automated teller machine (ATM). They called it the TD 360. Later, it became known as "The Green Machine." This name is still used today.
In 1987, TD Bank created Toronto Dominion Securities Inc. This part of the bank focuses on investments. The 1990s were a time of growth for TD Bank. They bought several other financial companies. In 1992, they bought Central Guaranty Trust. In 1996, they acquired Waterhouse Investor Services.
In 1998, TD Bank planned to merge with another big Canadian bank, the Canadian Imperial Bank of Commerce. However, the Canadian government stopped this merger. They believed it was not good for Canadians.
In 2000, TD Bank bought Canada Trust. This was a very important step. Most of TD's banking services in Canada were then renamed TD Canada Trust. This made TD a much larger bank. To make the merger happen, TD had to sell some of its branches. This was to ensure fair competition.
TD Bank in the 21st Century
In 2004, TD Bank started to expand into the American market. They agreed to buy a large part of Banknorth. Banknorth was a bank based in New England. After the deal, Banknorth was renamed TD Banknorth.
In 2007, TD Bank bought all the remaining shares of TD Banknorth. This made TD Banknorth a fully owned part of TD Bank. In the same year, TD Bank also bought Commerce Bancorp. This bank was located in New Jersey. In 2008, TD Banknorth and Commerce Bancorp joined together. They formed TD Bank, N.A., which is TD's main bank in the United States.
TD Bank continued to grow in the US. In 2010, they bought Riverside National Bank and South Financial Group Inc. In 2011, they acquired Chrysler Financial. This company was later renamed TD Auto Finance. This allowed TD to offer more car loans. Also in 2011, TD Bank bought MBNA's credit card business in Canada.
From 2014 to 2015, TD Bank made some changes to its business. This included reducing some jobs to save money. These changes helped the bank stay strong.
In 2022, TD Bank planned to buy First Horizon Corp. This would have made TD even bigger in the US. However, in 2023, the deal was called off. This was due to some issues with government rules.
Later in 2022, TD Bank agreed to buy Cowen. Cowen is a US company that helps with investments. This deal was worth about $1.3 billion. It helped TD Bank grow its investment services.
In 2023, TD Bank Group announced it would buy back some of its own shares. This means the bank is buying parts of itself back from investors.
TD Bank and Sports Venues
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TD Bank and its companies sponsor many sports places. They often have their name on these venues. For example, TD Bank has the naming rights to TD Garden in Boston, Massachusetts. This is a large indoor stadium. The Boston Celtics (basketball) and Boston Bruins (hockey) play there. TD Bank has sponsored this venue since 2005. In 2023, they extended this deal until 2045.
Other indoor stadiums sponsored by TD Bank include:
- TD Station in Saint John, New Brunswick
- TD Place Arena in Ottawa, Ontario
TD Place Arena is part of a larger area called TD Place at Lansdowne Park. The outdoor stadium there is called TD Place Stadium. Other outdoor stadiums sponsored by TD Bank are:
- TD Stadium in London, Ontario
- TD Ballpark in Dunedin, Florida
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
