The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Bank acquisitions: TD Bank deal points to recovery

TD Bank expands further into the US banking market; Change in FDIC loss-share means traditional bank M&A could return

 

TD Bank’s spending on acquisitions in the US in the last five years 

The latest sale of failing US banks by the Federal Deposit Insurance Corp points to a return to traditional M&A methods and highlights the system’s improving health, say bankers. In April, TD Bank bought three Florida banks with loss-share agreements with the FDIC that were less attractive than in previous deals. "There is still such a bank-buying frenzy that acquirers are prepared to pay the premiums but these are no longer golden ticket deals," says an M&A adviser who prefers to remain anonymous as he is advising the FDIC on deals. "We expect the changes in deal premiums will lead to traditional unassisted bank M&A," he says. TD Bank acquired AmericanFirst Bank, First Federal Bank of North Florida and Riverside National Bank of Florida. Together the banks add $3.1 billion in deposits and $3.8 billion in assets to TD Bank. Ed Clark, president and chief executive, says the deal has saved the firm five years compared with growing organically.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree