's 1893 headquarters 's 1879 headquarters The predecessors of the Toronto-Dominion Bank, the
Bank of Toronto, and the
Dominion Bank were established in the mid-19th century, the former in 1855 and the latter in 1869. In 1954, an agreement was reached to merge the two financial institutions. The merger was later accepted by the Canadian
minister of Finance on November 1, 1954, and was made official on February 1, 1955. The new institution adopted the name Toronto-Dominion Bank. In 1967, TD Bank opened its new head office, the
Toronto-Dominion Centre in
downtown Toronto. In 1987, Toronto Dominion Securities Inc. was established by the bank. TD Bank formed a partnership with
Bank of Montreal (BMO) and
Royal Bank of Canada (RBC) in 1996 to create Symcor, a private entity that offers transaction services such as item processing, statement processing and cash-management services to major banks and retail and telecommunications companies in Canada. In 2011, Symcor produces close to 675million statements and more than two billion pages of customer statements, and processes three billion cheques annually. branch. Canada Trust was acquired in 2000, and presently serves TD's Canadian
commercial banking operations. In 1998, TD Bank and the
Canadian Imperial Bank of Commerce agreed to a merger. However, the
Government of Canada, at the recommendation of then
Minister of Finance Paul Martin, blocked the merger, as well as another proposed merger between the
Bank of Montreal and the
Royal Bank of Canada – believing it was not in the best interest of Canadians. In 2000, Toronto-Dominion Securities bought Newcrest Capital for (75 per cent in stock and 25 per cent in cash). In the same year, TD Bank also acquired Canada Trust, re-branding most of its commercial banking operations in Canada as
TD Canada Trust. Ultimately Martin would approve the merger of TD and Canada Trust with some conditions. The new bank sold Canada Trust's
MasterCard business to meet the demands of the Competition Bureau due to the fact that TD issued Visa cards at the time and Canada Trust issued MasterCard and competition rules at the time prevented a single institution from the duality of selling both brands simultaneously. The Competition Bureau also forced the sale of 13 branches, representing over 120,000 customers, in three Ontario markets where the territories of TD and Canada Trust overlapped. The vast majority of the affected branches were in the
Kitchener-Waterloo area, including four in
Kitchener, two in
Waterloo, four in
Cambridge and one in
Elmira. All but one branch were sold to the
Bank of Montreal for $50million. The remaining branch in
Paris, Ontario, was sold to
Laurentian Bank of Canada. In all six TD branches and seven Canada Trust branches specifically changed hands to meet the Competition Bureau's requirements.
21st century In 2002, TD Bank acquired Stafford Trading and Letco Trading. In the following year, TD Bank acquired
Laurentian Bank's retail branches west of
Quebec. branch in
New York City. TD Bank expanded into the United States in the early 21st century. In 2004, TD Bank entered the American
retail banking market, announcing an agreement to acquire the majority stake of Banknorth, a
New England–based bank, for a total of . Banknorth was later rebranded as
TD Banknorth after the sale was finalized in March 2005. In January 2006, the company sold its United States brokerage business branded as TD Waterhouse, which it had purchased in 1984, to Ameritrade. The business was renamed
TD Ameritrade. In April 2007, TD Bank acquired all remaining shares of TD Banknorth, transforming TD Banknorth into a fully owned subsidiary of TD Bank, and resulting in it being no longer traded on the
New York Stock Exchange. In the same year, TD Bank acquired
Commerce Bancorp, a bank based in
Cherry Hill, New Jersey. Commerce Bancorp was later merged with TD Banknorth to form
TD Bank, N.A. in 2008. In 2010, the bank acquired the Florida-based Riverside National Bank of Fort Pierce; and the
South Financial Group Inc. In the following year, TD Bank acquired Chrysler Financial, which was later rebranded as
TD Auto Finance. On December 1, 2011, TD Bank acquired
MBNA's Canadian credit card business. In October 2014,
Affiliated Computer Services, a subsidiary of
Xerox, acquired Symcor's U.S. operations from TD Bank. After
Moody's Investor Service downgraded the credit worthiness of Royal Bank of Canada to Aa1 on December 13, 2010, TD Bank remained the only one of Canada's
Big Five banks with a top
Aaa credit rating at that point in the
Great Recession (at the time, CIBC was Aa2, Scotiabank was Aa1 and Bank of Montreal was Aa2). It is also ranked number 1 by profit in the
Top 1000 2012 listing. From 2014 to 2015, TD went through a minor restructuring which included job cuts and other cost-cutting measures, under the leadership of
Bharat Masrani, which kept the stock price on a stable upward trend. In April 2020 it became apparent that TD Bank was a significant secured creditor involved in the voluntary
administration of the
Virgin Australia airline, which has debts of . The Virgin administrators declared TD Bank held an all present and after-acquired property charge over substantially the whole of the property of certain entities of the airline. In March 2021, TD Bank agreed to buy Headlands Tech Global Markets LLC from
Headlands Technologies to enhance its automated fixed income trading platform. Bloomberg reported that TD Bank, along with Canada's other large banks, added ESG measures to their chief executive officers' compensation plans. On February 28, 2022, TD made a offer for
First Horizon Corp., with 1,159 branches, expected to be completed in February 2023. This would be the second-largest bank deal since the
Great Recession in the United States. As of December 31, 2021, TD had in U.S. assets, making it the ninth largest bank in the United States. If completed the deal would give TD 1,560 branches in 22 U.S. states. On May 4, 2023, it was announced that the deal would not proceed due to regulatory uncertainty. In July 2022, TD Bank announced it was evaluating a takeover of US brokerage firm
Cowen. The following month, TD agreed to buy Cowen for in an all-cash deal, paying Cowen shareholders per share. TD announced that Cowen chair and CEO Jeffrey Solomon would join the senior leadership of
TD's securities division following the acquisition, and that the combined business will be known as TD Cowen, headed by Solomon. In February 2025, Toronto-Dominion Bank indicated it aimed to sell its 10.1% stake in Charles Schwab for about 14.6billion USD. This was a part of a strategic review following a U.S. money-laundering fine. The bank planned to use 8billion CAD of the proceeds for share buybacks and sought to invest the rest in growth as it simplified its U.S. operations. In May 2025, TD Bank announced the closure of 38 branches across 10 states and Washington, D.C., effective June 5, 2025. This decision is part of a broader industry trend, with 272 branches closed nationally in the first quarter of 2025 alone. ==Sponsorships==