TD Canada Trust
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Toronto-Dominion
TD Canada Trust is the personal, small business and commercial banking operation of the Toronto-Dominion Bank. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,000 branches and 2,700 ATMs. It is one of Canada's Big Six banks.
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History
The Toronto Bank was founded 1855 by a group of flour millers, while in 1871 the Dominion Bank was created by James Austin. The two merged in 1955. In 1993 it acquired the branches of Central Guaranry Trust. In 2000 TD acquired Canada Trust and thus forming TD Canada Trust for all its branch operations in Canada. Canada Trust began as Huron & Erie Savings and Loan Society in 1864 and became Canada Trust Company in 1962. Green Machines, the bank's ATM, were introduced in 1976. Green Line Investor Services Inc was established in 1984 and was merged with Waterhouse Investor Services in 1996. Laurentian Bank Retail Branches in Ontario and BC were acquired in 2003.
Merger
- Bank of Toronto and Dominion Bank 1955
- Waterhouse Investor Services 1996
- Canada Trustco 2000
- Laurentian Bank Retail Branches (Ontario-BC) 2003
- Banknorth NA 2005? - Pending merger approval
Operations
The bank's headquarters is at the Toronto Dominion Centre at King Street and Bay Street. The towering black skyscrapers were designed by Ludwig Mies van der Rohe and was the first major skyscraper in the city. Opened in 1967, the TD Centre was the inspiration of Allen Lambert (1911-2002), the former President and Chairman of the Board of the bank.
The bank's most famous branch at 1401 Bleury Street, Montreal, Quebec was at the hub of financing for the post-World War II textile industry that became a major employer in that city. In author Peter C. Newman's 1976 book, The Canadian Establishment, in his section on the Canadian banking industry, he referred to the Toronto-Dominion Bank's top executives as being those who were able to make it at this prestigious branch.
TD Bank Financial Group subsidiaries include:
- TD Canada Trust - personal and commercial banking services
- TD Insurance
- TD Meloche Monnex
- TD Commercial Banking
- TD Waterhouse - Wealth Management
- TD Waterhouse Bank NA
- TD Asset Management - Wealth Management
- TD Securities - Wholesale banking
TD-Canada Trust is also involved in a joint venture with small size retailers in downtown Toronto using a key-tag debit system known as Dexit. Initial pilot has generated good results and will expand throughout Toronto in 2005.
Executives
- W. Edmund Clark - President and CEO 2002-present
- John M. Thompson - Chair 2003-present
Mergers
In February 2000, TD acquired Canada Trust and merged the operations together to become the third largest bank in Canada.
TD Bank was in merger talks with CIBC prior to the TD-Canada Trust merger, but fell through due in part to restrictions from federal approval.
See also List of Canadian banks
Membership
TD-CT is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
- Interac
- VISA International
- Plus Network for VISA cards
- NYCE ATM network
External link
- Official Site (http://www.td.com)
- TD-Canada Trust (http://www.tdcanadatrust.com)
- Dexit (http://www.dexit.com)
- CT Information Page (http://www.tdcanadatrust.com/cdic/index.jsp#ctc)
- TD Mortgage Corp (http://www.tdcanadatrust.com/cdic/index.jsp#mortgage)
- TD Pacific Mortgage Corp (http://www.tdcanadatrust.com/cdic/index.jsp#pacific)