After failing to close its largest-ever U.S. banking acquisition, Toronto-Dominion Bank has a new strategy for growth in the Southeast — do it slowly.
Canada’s second-largest bank plans to open 150 U.S. branches by 2027, targeting Florida, North Carolina, South Carolina and Georgia, including its first office in Atlanta, executives said Thursday. Toronto-Dominion sought expansion in the region with a US$13.4 billion acquisition of First Horizon Corp., which fell apart when the bank couldn’t get timely approval from regulators.
Memphis-based First Horizon has more than 400 branches and would have helped Toronto-Dominion extend its reach deeper into the U.S. South and as far west as Texas. The deal foundered over regulators’ concerns about the Canadian bank’s handling of suspicious transactions, a person familiar with the matter told Bloomberg earlier this month.
He deflected questions about whether it would even be possible for Toronto-Dominion to even consider a U.S. retail bank acquisition right now, given the regulatory concerns. TD did buy investment bank Cowen Inc. this year to bulk up TD Securities.
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