Fed OKs TD Bank buy of The South Financial GroupTampa Bay Business Journal
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The Federal Reserve Board issued an order approving the acquisition of The South Financial Group by the Toronto-Dominion Bank.
The deal would make TD Bank US Bank Holding Co. the 11th largest depository organization in Florida, controlling deposits of about $7.4 billion, or 1.8 percent of all deposits in the state. TD Bank would become the 17th largest depository organization in the United States with total consolidated assets of about $167 billion and deposits of about $134.7 billion.
TD Bank has committed to divest branches in the Palatka banking market, in northeast Florida, where it competes directly with Mercantile Bank, South Financial’s Florida banking operation, the Fed said.
TD Bank and Mercantile compete in four other Florida markets — Miami-Fort Lauderdale, Orlando, St. Augustine and West Palm Beach. But the combination of the two banks would not present a significant concentration and numerous competitors remain in those markets, the Fed said.
There are no TD banks currently in the Tampa-St. Petersburg-Clearwater market. Mercantile Bank had 17 offices, $755.7 million in deposits and a 1.32 percent deposit market share in the market as of June 30, 2009, the most recent data available from the Federal Deposit Insurance Corp.
TD Bank Financial Group (NYSE: TD), the parent company of Toronto-Dominion Bank, said in May that it would spend about $191.6 million to buy South Financial (NASDAQ: TSFG), headquartered in Greenville, S.C.
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