TD Has Big Plans for its U.S. Division

Article Excerpt

TORONTO-DOMINION BANK $59 (Toronto symbol TD; Conservative Growth Portfolio, Finance sector; SI Rating: Above average) wants to double the size of subsidiary TD Banknorth Inc., which operates around 600 branches in the northeastern United States. This subsidiary supplies about 10% of TD Bank’s total revenue. Most of the growth will come from acquisitions that enhance TD Banknorth’s market share in New York, New Jersey and Connecticut. It also plans to triple its advertising spending, and focus on improving customer service. In the second quarter of 2006, TD Banknorth’s earnings fell 2.3%, mostly due to one-time charges related to the integration of recent acquisitions. Without these items, profits rose 17.6%. TD Bank is a buy. buy…

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