M&A Deal Summary

TD Bank Acquires The South Financial Group

On May 17, 2010, TD Bank acquired financial services company The South Financial Group for 61M USD

Acquisition Highlights
  • This is TD Bank’s 3rd transaction in the Financial Services sector.
  • This is TD Bank’s 5th largest (disclosed) transaction.
  • This is TD Bank’s 3rd transaction in the United States.
  • This is TD Bank’s 1st transaction in South Carolina.

M&A Deal Summary
Date 2010-05-17
Target The South Financial Group
Sector Financial Services
Buyer(s) TD Bank
Deal Type Add-on Acquisition
Deal Value 61M USD
Advisor(s) Morgan Stanley (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

The South Financial Group

Greenville, South Carolina, United States
The South Financial Group consists of Carolina First Bank, which operates under the Carolina First brand in the Carolinas and the Mercantile Bank, which operates in Florida.

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Buyer(S) 1

Buyer

TD Bank

Toronto, Ontario, Canada
Category Company
Founded 1855
Sector Financial Services
Employees102,853
Revenue 52.9B CAD (2023)
DESCRIPTION
TD Bank branch in Bangor, Maine.
TD Bank branch in Bangor, Maine.

TD Bank and its subsidiaries are collectively known as TD Bank Group (TD or the Bank). TD is a large bank North American bank serving customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank was incorporated in 1855 and is based in Toronto, Canada.

DEAL STATS #
Overall 3 of 10
Sector (Financial Services) 3 of 9
Type (Add-on Acquisition) 2 of 7
State (South Carolina) 1 of 1
Country (United States) 3 of 8
Year (2010) 1 of 2
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-02 Commerce Bancorp

Cherry Hill, New Jersey, United States

Commerce Bank is a retailer of financial services with almost 460 convenient stores in Metropolitan New York, Metropolitan Philadelphia, Metropolitan DC and Southeast Florida. Commerce Bancorp is headquartered in Cherry Hill, New Jersey.

Buy $8.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-21 TD Auto Finance

Farmington Hills, Michigan, United States

TD Auto Finance is a financial services company doing business in the United States and Canada, offering retail financing programs in the United States through franchised automotive dealerships of all brands.

Buy $6.3B
Mergr

Product

Company

Legal