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TD Bank (United States) Wiki2Web Clarity Challenge

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Study Guide: TD Bank, N.A.: Corporate Evolution and Regulatory Landscape

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TD Bank, N.A.: Corporate Evolution and Regulatory Landscape Study Guide

TD Bank, N.A. Overview and Operational Scope

TD Bank, N.A. is a Canadian national bank that operates as a subsidiary of the Toronto-Dominion Bank.

Answer: False

Explanation: TD Bank, N.A. is an American national bank, although it operates as the United States subsidiary of the Canadian multinational TD Bank Group.

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The primary headquarters for TD Bank, N.A. is located in Portland, Maine.

Answer: False

Explanation: The primary headquarters for TD Bank, N.A. is located in Cherry Hill, New Jersey.

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TD Bank, N.A. serves customers across all 50 U.S. states.

Answer: False

Explanation: TD Bank, N.A. primarily operates across the East Coast of the United States, serving 15 U.S. states and Washington, D.C., not all 50 states.

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TD Bank, N.A. is ranked among the top five U.S. banks by total assets.

Answer: False

Explanation: TD Bank, N.A. is ranked as the tenth-largest bank in the United States by total assets.

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Which of the following best describes TD Bank, N.A.'s relationship with the Toronto-Dominion Bank?

Answer: It is the United States subsidiary of the Canadian multinational TD Bank Group.

Explanation: TD Bank, N.A. is an American national bank that serves as the United States subsidiary of the Canadian multinational TD Bank Group.

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Where is the primary headquarters of TD Bank, N.A. located?

Answer: Cherry Hill, New Jersey

Explanation: The primary headquarters of TD Bank, N.A. is located in Cherry Hill, New Jersey.

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How many U.S. states and Washington, D.C. are primarily served by TD Bank, N.A.?

Answer: 15 states and Washington, D.C.

Explanation: TD Bank, N.A. primarily operates across the East Coast of the United States, serving 15 U.S. states and Washington, D.C.

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What is TD Bank, N.A.'s ranking among U.S. banks by total assets?

Answer: Tenth largest

Explanation: TD Bank, N.A. is the tenth-largest bank in the United States by total assets.

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Early Predecessors and Regional Banking Foundations

The Portland Savings Bank, a predecessor to TD Bank, was established in the mid-19th century.

Answer: True

Explanation: The Portland Savings Bank was established in January 1852, which falls in the mid-19th century.

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Albion K. Parris, Portland's mayor, was the first President of the Portland Savings Bank.

Answer: True

Explanation: Albion K. Parris, who was also Portland's mayor, served as the first President of the Portland Savings Bank.

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Portland Savings Bank's early objective was solely focused on maximizing shareholder profits.

Answer: False

Explanation: An important early objective of the Portland Savings Bank was the support of community and public projects, indicating a broader focus than solely shareholder profits.

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The Stock Market Crash of 1929 and the Great Depression posed a severe threat to the Portland Savings Bank.

Answer: True

Explanation: The Portland Savings Bank was gravely threatened by the Stock Market Crash of 1929 and the subsequent Great Depression.

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During the Great Depression, Portland Savings Bank sold off all foreclosed properties immediately to avoid management overhead.

Answer: False

Explanation: During the Great Depression, Portland Savings Bank established a 'Real Estate Department' to manage properties acquired through foreclosure, rather than selling them off immediately.

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Roger Lambert's leadership at Portland Savings Bank from 1965 to 1981 led to a significant expansion of commercial loans and innovative retail products.

Answer: True

Explanation: Under Roger Lambert's leadership, Portland Savings Bank expanded its commercial loan portfolio and introduced innovative retail products.

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People's Savings Bank in Lewiston, Maine, offered $1 accounts for all babies born in the area with no withdrawal restrictions.

Answer: False

Explanation: People's Savings Bank offered $1 accounts for babies with the condition that there were no withdrawals for ten years.

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Rockland Savings changed its name to Heritage Savings Bank in 1974.

Answer: True

Explanation: Rockland Savings changed its name to Heritage Savings Bank in 1974.

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Penobscot Savings was known for pioneering savings programs for adults in collaboration with local businesses.

Answer: False

Explanation: Penobscot Savings was notable for pioneering savings programs for children in collaboration with local schools.

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After merging with Lamoille County Bank & Trust Company, Franklin County Savings Bank adopted the name Franklin Lamoille Bank.

Answer: True

Explanation: Following its merger with Lamoille County Bank & Trust Company, Franklin County Savings Bank adopted the name Franklin Lamoille Bank.

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The oldest component recorded for the Vermont banking company that eventually became part of Banknorth is Lamoille County Bank & Trust Company.

Answer: False

Explanation: The oldest component recorded for the Vermont banking company that eventually became part of Banknorth is Woodstock National Bank, founded in 1802.

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When was the Portland Savings Bank, a significant predecessor to TD Bank, established?

Answer: January 1852

Explanation: The Portland Savings Bank was established in January 1852.

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Who served as the first President of the Portland Savings Bank?

Answer: Albion K. Parris

Explanation: Albion K. Parris, Portland's mayor, served as the first President of the Portland Savings Bank.

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What was a notable objective of the Portland Savings Bank in its early years?

Answer: Support of community and public projects.

Explanation: An important objective of the Portland Savings Bank in its early years was the support of community and public projects.

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Which economic event gravely threatened the Portland Savings Bank in the early 20th century?

Answer: The Stock Market Crash of 1929 and the Great Depression

Explanation: The Portland Savings Bank was gravely threatened by the Stock Market Crash of 1929 and the subsequent Great Depression.

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What innovative measure did Portland Savings Bank take during the Great Depression to manage foreclosed properties?

Answer: It established a 'Real Estate Department' for property management.

Explanation: To manage properties acquired through foreclosure during the Great Depression, Portland Savings Bank established a 'Real Estate Department'.

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Roger Lambert's leadership (1965-1981) at Portland Savings Bank was characterized by which of the following?

Answer: Expansion of commercial loans and introduction of innovative retail products.

Explanation: Under Roger Lambert's leadership, Portland Savings Bank expanded its commercial loan portfolio and introduced innovative retail products.

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When did Rockland Savings change its name to Heritage Savings Bank?

Answer: 1974

Explanation: Rockland Savings changed its name to Heritage Savings Bank in 1974.

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Which of the following banks merged with Heritage Savings Bank in 1978?

Answer: Penobscot Savings and Waterville Savings

Explanation: In 1978, Heritage Savings Bank merged with Penobscot Savings and Waterville Savings.

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What was the name of Franklin County Savings Bank after its merger with Lamoille County Bank & Trust Company?

Answer: Franklin Lamoille Bank

Explanation: After merging with Lamoille County Bank & Trust Company, Franklin County Savings Bank adopted the name Franklin Lamoille Bank.

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What is the oldest component recorded for the Vermont banking company that eventually became part of Banknorth?

Answer: Woodstock National Bank

Explanation: The oldest component recorded for the Vermont banking company that became part of Banknorth is Woodstock National Bank, founded in 1802.

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Peoples Heritage and Banknorth: Growth and Consolidation

After the merger of People's Savings Bank and Heritage Savings Bank in 1984, the new institution, Peoples Heritage, had 50 branches.

Answer: False

Explanation: After the merger in 1984, Peoples Heritage had a total of 35 branches.

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Peoples Heritage rechartered as a public corporation in 1986 to acquire capital for expansion.

Answer: True

Explanation: In 1986, Peoples Heritage rechartered as a public corporation to acquire capital for expansion.

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Peoples Heritage aimed to grow its asset base from $1 billion to $10 billion within five years after becoming a public corporation.

Answer: False

Explanation: Peoples Heritage planned to grow its asset base from $1 billion to $4 billion within five years after becoming a public corporation.

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Peoples Heritage reorganized as a bank holding company in 1988 to gain flexibility in making acquisitions.

Answer: True

Explanation: In 1988, Peoples Heritage reorganized as a bank holding company to gain greater flexibility in making bank and non-bank acquisitions.

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William J. Ryan became president and CEO of Peoples Heritage during the 1990 recession.

Answer: True

Explanation: William J. Ryan became the new president and CEO of Peoples Heritage during the period of the 1990 recession and crisis.

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Federal regulators issued a cease and desist order against Peoples Heritage in the early 1990s due to issues with bad loans.

Answer: True

Explanation: During the 1990-1992 crisis, federal regulators issued a cease and desist order against Peoples Heritage due to serious problems with bad loans.

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Peoples Heritage opened a dedicated real estate office to sell foreclosed properties during the early 1990s crisis.

Answer: True

Explanation: In response to the early 1990s crisis, Peoples Heritage opened a storefront retail real estate office specifically to move foreclosed properties.

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Peoples Heritage became profitable again by 1995 after the 1990 recession, recapitalizing through a stock issuance.

Answer: False

Explanation: Peoples Heritage became profitable again by 1993, recapitalizing through a rights offering that generated $38 million in new capital.

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Bill Ryan's 1993 strategic plan for Peoples Heritage aimed to triple assets to $15 billion.

Answer: False

Explanation: Bill Ryan's 1993 strategic plan aimed to double Peoples Heritage's assets to $5 billion.

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The acquisition of Bank of New Hampshire in 1995 increased People's assets to $4.2 billion.

Answer: True

Explanation: The acquisition of Bank of New Hampshire in 1995 increased Peoples Heritage's assets to $4.2 billion.

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The Banknorth acquisition in 1999-2000 increased People's assets to $17 billion and expanded its presence in several states.

Answer: True

Explanation: The Banknorth acquisition in 1999-2000 increased Peoples Heritage's assets to $17 billion and expanded its presence in Massachusetts, Vermont, and New York.

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In the early 2000s, Banknorth's primary emphasis was on becoming a purely investment banking firm.

Answer: False

Explanation: In the early 2000s, Banknorth's primary emphasis was on developing a financial services company within a true community bank setting, not a purely investment banking firm.

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By 2002, Banknorth Insurance Group had become the largest insurance brokerage group in the Northeastern United States.

Answer: False

Explanation: By 2002, Banknorth Insurance Group had grown to become the largest insurance brokerage group in New England, not the entire Northeastern United States.

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Banknorth Group, Inc. merged its seven subsidiary banks into one entity, Banknorth NA, in December 2001 to consolidate operations under a single OCC charter.

Answer: True

Explanation: Banknorth Group, Inc. merged its seven subsidiary banks into Banknorth NA in December 2001 to consolidate operations under a single OCC charter while retaining local identity.

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What was the total number of branches for Peoples Heritage after the merger of People's and Heritage in 1984?

Answer: 35

Explanation: After the merger of People's Savings Bank and Heritage Savings Bank in 1984, Peoples Heritage had a total of 35 branches.

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Why did Peoples Heritage recharter from a mutual bank to a public corporation in 1986?

Answer: To acquire capital for expansion.

Explanation: Peoples Heritage rechartered as a public corporation in 1986 to acquire capital for expansion.

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What was the asset growth target for Peoples Heritage after becoming a public corporation in 1986?

Answer: From $1 billion to $4 billion

Explanation: After becoming a public corporation in 1986, Peoples Heritage planned to grow its asset base from $1 billion to $4 billion within five years.

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What was the purpose of Peoples Heritage reorganizing itself as a bank holding company in 1988?

Answer: To gain greater flexibility in making bank and non-bank acquisitions.

Explanation: Peoples Heritage reorganized as a bank holding company in 1988 to gain greater flexibility in making bank and non-bank acquisitions.

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Who became the new president and CEO of Peoples Heritage during the 1990 recession and crisis?

Answer: William J. Ryan

Explanation: William J. Ryan became the new president and CEO of Peoples Heritage during the 1990 recession and crisis.

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What regulatory action did federal regulators take against Peoples Heritage during the 1990-1992 crisis due to bad loans?

Answer: They issued a cease and desist order restricting loans.

Explanation: During the 1990-1992 crisis, federal regulators issued a cease and desist order against Peoples Heritage, restricting the bank's freedom in the loans area due to serious problems with bad loans, particularly in the faltering real estate sector.

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What innovative approach did Peoples Heritage take to manage foreclosed properties during the early 1990s crisis?

Answer: They opened a storefront retail real estate office to move foreclosed properties.

Explanation: In response to the crisis of the early 1990s, Peoples Heritage opened an innovative storefront retail real estate office specifically to move foreclosed properties.

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By what year did Peoples Heritage become profitable again after the 1990 recession, and how did it recapitalize?

Answer: 1993, through a rights offering generating $38 million in new capital.

Explanation: Peoples Heritage became profitable again by 1993 after the 1990 recession, recapitalizing in the fourth quarter of 1992 through a rights offering that generated $38 million in new capital.

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What was the strategic plan proposed by Bill Ryan in 1993 for Peoples Heritage's future growth?

Answer: To double assets to $5 billion by maximizing market share in Maine and acquiring other community banks.

Explanation: In 1993, Bill Ryan proposed a strategy to double Peoples Heritage's assets to $5 billion by maximizing market share in Maine and acquiring other community banks in the region.

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Which significant acquisition in 1995 increased the size of People's by one-third and established its commercial bank credentials?

Answer: Bank of New Hampshire

Explanation: The acquisition of Bank of New Hampshire in 1995, which was the second-largest bank in New Hampshire with assets of $1.7 billion, increased the size of People's by one-third to $4.2 billion and established its credentials as a commercial bank.

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How did the Banknorth acquisition in 1999-2000 impact People's assets and geographical presence?

Answer: Increased assets to $17 billion and expanded presence in Massachusetts, Vermont, and New York.

Explanation: The Banknorth acquisition, with an agreement reached in 1999 and completion in May 2000, increased People's assets to $17 billion and gave it a larger presence in Massachusetts, Vermont, and New York through Evergreen Bank.

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What was the primary emphasis for Banknorth in the 1990s and early 2000s regarding its business model?

Answer: Developing a financial services company within a true community bank setting.

Explanation: In the 1990s and early 2000s, the emphasis for Banknorth was on the development of a financial services company within a true community bank setting.

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By 2002, what achievement did Banknorth Insurance Group accomplish in New England?

Answer: It grew to become the largest insurance brokerage group.

Explanation: By 2002, Banknorth Insurance Group, which was launched in 1997, had grown to become the largest insurance brokerage group in New England.

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What was the purpose of Banknorth Group, Inc. merging its seven subsidiary banks into one in December 2001?

Answer: To consolidate operations under a single OCC charter while retaining local identity.

Explanation: On December 31, 2001, the holding company, Banknorth Group, Inc., merged its seven subsidiary banks into one entity, Banknorth NA, under the existing Peoples Heritage Bank charter dating back to 1852. This was done to consolidate operations under a single OCC charter while retaining local identity through locally relevant trade names.

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Formation of TD Bank, N.A. and Strategic Acquisitions

Toronto-Dominion Bank became the majority owner of Banknorth Group, Inc. in 2004, leading to its rebranding as TD Banknorth, N.A.

Answer: True

Explanation: In August 2004, Toronto-Dominion Bank became the majority owner of Banknorth Group, Inc., which was then rebranded to TD Banknorth, N.A.

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Toronto-Dominion Bank acquired all remaining shares of TD Banknorth in 2008.

Answer: False

Explanation: Toronto-Dominion Bank acquired all remaining shares of TD Banknorth on April 20, 2007.

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The acquisition of Commerce Bank by TD Banknorth in 2008 led to the combined entity being named 'TD Commerce Bank'.

Answer: False

Explanation: While TD Banknorth acquired Commerce Bank in 2008, the plan to use the name 'TD Commerce Bank' was dropped due to a lawsuit, and the combined entity was simply named 'TD Bank'.

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TD Bank, N.A. centralized its American headquarters in Cherry Hill, New Jersey, in 2013.

Answer: True

Explanation: In 2013, TD Bank, N.A. centralized its American headquarters in Cherry Hill, New Jersey.

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TD Bank, N.A.'s plan to acquire First Horizon Corporation was successfully completed in 2023.

Answer: False

Explanation: TD Bank, N.A.'s plan to acquire First Horizon Corporation was ultimately scrapped in May 2023.

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When did Toronto-Dominion Bank become the majority owner of Banknorth Group, Inc.?

Answer: August 2004

Explanation: Toronto-Dominion Bank became the majority owner of Banknorth Group, Inc. in August 2004.

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What was the immediate rebranding of Banknorth Group, Inc. after Toronto-Dominion Bank became its majority owner?

Answer: TD Banknorth, N.A.

Explanation: After Toronto-Dominion Bank became its majority owner, Banknorth Group, Inc. was rebranded to TD Banknorth, N.A.

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When did Toronto-Dominion Bank acquire all remaining shares of TD Banknorth, making it a wholly owned subsidiary?

Answer: April 20, 2007

Explanation: Toronto-Dominion Bank acquired all remaining shares of TD Banknorth on April 20, 2007.

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What significant acquisition did TD Banknorth make in April 2008?

Answer: Commerce Bank

Explanation: On April 10, 2008, TD Banknorth acquired New Jersey-based Commerce Bank.

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Why did Toronto-Dominion Bank drop its plans to use the name 'TD Commerce Bank' after acquiring Commerce Bancorp?

Answer: A federal judge granted an injunction due to a lawsuit from Commerce Bank & Trust Company.

Explanation: Toronto-Dominion Bank dropped its plans to use the name 'TD Commerce Bank' due to a federal judge granting an injunction following a lawsuit from Commerce Bank & Trust Company of Worcester, Massachusetts.

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In what year did TD Bank, N.A. centralize its American headquarters in Cherry Hill, New Jersey?

Answer: 2013

Explanation: TD Bank, N.A. centralized its American headquarters in Cherry Hill, New Jersey, in 2013.

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What was the outcome of TD Bank, N.A.'s announced plan to acquire First Horizon Corporation in 2022?

Answer: The deal was ultimately scrapped in May 2023.

Explanation: TD Bank, N.A.'s announced plan to acquire First Horizon Corporation in 2022 was ultimately scrapped in May 2023.

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Corporate Sponsorships and Community Engagement

TD Banknorth purchased the naming rights for the TD Garden in Boston in 2008.

Answer: False

Explanation: TD Banknorth purchased the naming rights for the TD Garden in Boston in 2005.

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The Somerset Patriots baseball team's home stadium became the TD Bank Ballpark after TD Bank acquired Commerce Bancorp in 2009.

Answer: True

Explanation: After TD Bank acquired Commerce Bancorp in 2009, the company became the title sponsor of the TD Bank Ballpark, home to the Somerset Patriots.

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TD Bank partnered with The Shed in Manhattan in 2019 to sponsor its 'Open Call' artist commissioning program.

Answer: True

Explanation: TD Bank announced its partnership with The Shed in Manhattan on August 22, 2019, as the lead sponsor of its 'Open Call' artist commissioning program.

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The Toronto Blue Jays' spring training home in Florida was renamed TD Ballpark in 2018.

Answer: False

Explanation: The Toronto Blue Jays' spring training home was renamed TD Ballpark on November 4, 2019, following a naming rights extension.

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In what year did TD Banknorth purchase the naming rights for the TD Garden in Boston?

Answer: 2005

Explanation: TD Banknorth purchased the naming rights for the TD Garden in Boston in 2005.

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Which baseball stadium became the TD Bank Ballpark after TD Bank acquired Commerce Bancorp in 2009?

Answer: Home stadium for the Somerset Patriots

Explanation: The home stadium for the Somerset Patriots baseball team became the TD Bank Ballpark after TD Bank acquired Commerce Bancorp in 2009.

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What cultural institution did TD Bank partner with in Manhattan in 2019 to sponsor its 'Open Call' artist commissioning program?

Answer: The Shed

Explanation: TD Bank partnered with The Shed in Manhattan in 2019 to sponsor its 'Open Call' artist commissioning program.

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What is the name of the Toronto Blue Jays' spring training home in Dunedin, Florida, following a 2019 naming rights extension with TD Bank?

Answer: TD Ballpark

Explanation: The Toronto Blue Jays' spring training home in Dunedin, Florida, was renamed TD Ballpark on November 4, 2019, following a naming rights extension with TD Bank.

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