April 20, 2010
TD Bank acquires failed Fla. banks
By The Mainebiz News Staff
TD Bank has bought three failed Florida banks from the Federal Deposit Insurance Corp.
TD Bank, based in Portland and Cherry Hill, N.J., on Friday bought Riverside National Bank of Florida and its 58 branches, First Federal Bank of North Florida and its eight branches, and AmericaFirst Bank and its three branches, according to the Portland Press Herald. The acquisitions add $3.8 billion in assets to TD Bank, bringing it to a total of $152 billion in assets. The acquisitions also add $2.1 billion in loans, which are covered by a loss-sharing agreement with the FDIC that allows the regulatory agency to cover half of any loan losses up to $518 million, and 80% of any losses beyond that.
Go to the article from the Portland Press Herald >>
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