Canadian group gets Banknorth foothold
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Banknorth Group Inc. of Portland and TD Bank Financial Group of Toronto announced a merger Thursday that gives Banknorth money to expand while setting the stage
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Frustrated in a domestic market that offers them little chance to grow, many a Canadian bank has ventured south to the US market in a hunt for the prize asset that will vault them into the Big Time.
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Canada&#39;s TD Bank Financial Group says it&#39;s discussing a &quot;possible transaction&quot; with Portland, Maine-based Banknorth Group.
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The buyout for the ice manufacturer is on the rocks.
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Toronto-Dominion Bank TD.TO made a  much-anticipated push into U.S. retail banking on Thursday,  announcing it would acquire a majority stake in Banknorth Group  Inc. BNK.N for $3.8 billion.
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Toronto-Dominion Bank said that its profit rose 19 percent in the second quarter, helped by a strong performance in all business lines except its retail banking unit in the United States. Toronto-Dominion reported profit of 879 million Canadian dollars ($814 million), up from 738 million Canadian dollars a year ago. Revenue in the period, which ended April 30, rose to 3.5 billion Canadian dollars, from 3.1 billion Canadian dollars. In the United States, TD Banknorth, its New England retail bank, reported lower profit as job cuts and branch closings raised costs. Banknorth earned 23 million Canadian dollars in the quarter, down 61 percent.
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A Canadian banking group has reached an agreement to acquire a controlling interest in the parent of Evergreen Bank of Glens Falls.
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BCE, the parent of Bell Canada, the largest communications company in Canada, said that a group led by Cerberus Capital had joined the bidding for the company. While the other investors were not identified, they will be vital to any deal because Canadian law bans foreign control of telephone companies. Three groups are now vying to take BCE private. BCEâs largest shareholder, the Ontario Teachersâ Pension Plan, has allied itself with other institutional investors for a possible bid. The Canada Pension Plan Investment Board and Kohlberg Kravis Roberts have formed a rival group that may make a bid potentially worth about $45 billion.
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Toronto-Dominion Bank said Thursday it will buy a majority stake in Maine&#39;s Banknorth Group Ltd. for $5-billion in cash and stock, marking the bank&#39;s first move into US branch banking.
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The banking company is holding up in a tough market.
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With a fresh footprint in New England, Toronto Dominion Bank hopes to launch an &quot;expanding beachhead&quot; south of the border with its proposed takeover of a mid-sized US bank.
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Banknorth Group Inc. solicited bids from several other large banks before deciding that a Canadian bank could acquire a majority stake in the company, chief executive William J. Ryan told analysts yesterday.
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North Carolina, Scotland, Pennsylvania and Canada could soon all have something in common: serving as the home base of New England&#39;s top four banks.
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Bank of America Corp. unveiled a new check design yesterday with the logo of the New England Patriots, its first step to put into its banking practice the concepts of ``affinity marketing" pioneered by credit card issuer MBNA Corp. before it was purchased by the Charlotte, N.C., bank earlier this year for $35 billion.
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Canada&#39;s business community may have found a well-placed advocate at the cabinet table in David Emerson, but that doesn&#39;t mean the new federal Industry Minister will necessarily carry the day on bank mergers.
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Canadaâs fourth-largest bank cited turmoil in the credit markets, and said it would provide up to $13 billion in liquidity for two of its structured investment vehicles.
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Banknorth Group's largest shareholder, Private Capital Management, said it plans to vote in favor of the merger with Canada's TD Bank Financial Group after expressing reservations several months ago. The change increases the likelihood the merger will go through. Several of Banknorth's major shareholders had reservations because of the deal's structure. TD plans to acquire a majority stake in the ...