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TD Bank, N.A. is a Canadian national bank that operates as a subsidiary of the Toronto-Dominion Bank.
Answer: False
TD Bank, N.A. is an American national bank, although it operates as the United States subsidiary of the Canadian multinational TD Bank Group.
The primary headquarters for TD Bank, N.A. is located in Portland, Maine.
Answer: False
The primary headquarters for TD Bank, N.A. is located in Cherry Hill, New Jersey.
TD Bank, N.A. serves customers across all 50 U.S. states.
Answer: False
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.
TD Bank, N.A. is ranked among the top five U.S. banks by total assets.
Answer: False
TD Bank, N.A. is ranked as the tenth-largest bank in the United States by total assets.
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.
TD Bank, N.A. is an American national bank that serves as the United States subsidiary of the Canadian multinational TD Bank Group.
Where is the primary headquarters of TD Bank, N.A. located?
Answer: Cherry Hill, New Jersey
The primary headquarters of TD Bank, N.A. is located in Cherry Hill, New Jersey.
How many U.S. states and Washington, D.C. are primarily served by TD Bank, N.A.?
Answer: 15 states and Washington, D.C.
TD Bank, N.A. primarily operates across the East Coast of the United States, serving 15 U.S. states and Washington, D.C.
What is TD Bank, N.A.'s ranking among U.S. banks by total assets?
Answer: Tenth largest
TD Bank, N.A. is the tenth-largest bank in the United States by total assets.
The Portland Savings Bank, a predecessor to TD Bank, was established in the mid-19th century.
Answer: True
The Portland Savings Bank was established in January 1852, which falls in the mid-19th century.
Albion K. Parris, Portland's mayor, was the first President of the Portland Savings Bank.
Answer: True
Albion K. Parris, who was also Portland's mayor, served as the first President of the Portland Savings Bank.
Portland Savings Bank's early objective was solely focused on maximizing shareholder profits.
Answer: False
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.
The Stock Market Crash of 1929 and the Great Depression posed a severe threat to the Portland Savings Bank.
Answer: True
The Portland Savings Bank was gravely threatened by the Stock Market Crash of 1929 and the subsequent Great Depression.
During the Great Depression, Portland Savings Bank sold off all foreclosed properties immediately to avoid management overhead.
Answer: False
During the Great Depression, Portland Savings Bank established a 'Real Estate Department' to manage properties acquired through foreclosure, rather than selling them off immediately.
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
Under Roger Lambert's leadership, Portland Savings Bank expanded its commercial loan portfolio and introduced innovative retail products.
People's Savings Bank in Lewiston, Maine, offered $1 accounts for all babies born in the area with no withdrawal restrictions.
Answer: False
People's Savings Bank offered $1 accounts for babies with the condition that there were no withdrawals for ten years.
Rockland Savings changed its name to Heritage Savings Bank in 1974.
Answer: True
Rockland Savings changed its name to Heritage Savings Bank in 1974.
Penobscot Savings was known for pioneering savings programs for adults in collaboration with local businesses.
Answer: False
Penobscot Savings was notable for pioneering savings programs for children in collaboration with local schools.
After merging with Lamoille County Bank & Trust Company, Franklin County Savings Bank adopted the name Franklin Lamoille Bank.
Answer: True
Following its merger with Lamoille County Bank & Trust Company, Franklin County Savings Bank adopted the name Franklin Lamoille Bank.
The oldest component recorded for the Vermont banking company that eventually became part of Banknorth is Lamoille County Bank & Trust Company.
Answer: False
The oldest component recorded for the Vermont banking company that eventually became part of Banknorth is Woodstock National Bank, founded in 1802.
When was the Portland Savings Bank, a significant predecessor to TD Bank, established?
Answer: January 1852
The Portland Savings Bank was established in January 1852.
Who served as the first President of the Portland Savings Bank?
Answer: Albion K. Parris
Albion K. Parris, Portland's mayor, served as the first President of the Portland Savings Bank.
What was a notable objective of the Portland Savings Bank in its early years?
Answer: Support of community and public projects.
An important objective of the Portland Savings Bank in its early years was the support of community and public projects.
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
The Portland Savings Bank was gravely threatened by the Stock Market Crash of 1929 and the subsequent Great Depression.
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.
To manage properties acquired through foreclosure during the Great Depression, Portland Savings Bank established a 'Real Estate Department'.
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.
Under Roger Lambert's leadership, Portland Savings Bank expanded its commercial loan portfolio and introduced innovative retail products.
When did Rockland Savings change its name to Heritage Savings Bank?
Answer: 1974
Rockland Savings changed its name to Heritage Savings Bank in 1974.
Which of the following banks merged with Heritage Savings Bank in 1978?
Answer: Penobscot Savings and Waterville Savings
In 1978, Heritage Savings Bank merged with Penobscot Savings and Waterville Savings.
What was the name of Franklin County Savings Bank after its merger with Lamoille County Bank & Trust Company?
Answer: Franklin Lamoille Bank
After merging with Lamoille County Bank & Trust Company, Franklin County Savings Bank adopted the name Franklin Lamoille Bank.
What is the oldest component recorded for the Vermont banking company that eventually became part of Banknorth?
Answer: Woodstock National Bank
The oldest component recorded for the Vermont banking company that became part of Banknorth is Woodstock National Bank, founded in 1802.
After the merger of People's Savings Bank and Heritage Savings Bank in 1984, the new institution, Peoples Heritage, had 50 branches.
Answer: False
After the merger in 1984, Peoples Heritage had a total of 35 branches.
Peoples Heritage rechartered as a public corporation in 1986 to acquire capital for expansion.
Answer: True
In 1986, Peoples Heritage rechartered as a public corporation to acquire capital for expansion.
Peoples Heritage aimed to grow its asset base from $1 billion to $10 billion within five years after becoming a public corporation.
Answer: False
Peoples Heritage planned to grow its asset base from $1 billion to $4 billion within five years after becoming a public corporation.
Peoples Heritage reorganized as a bank holding company in 1988 to gain flexibility in making acquisitions.
Answer: True
In 1988, Peoples Heritage reorganized as a bank holding company to gain greater flexibility in making bank and non-bank acquisitions.
William J. Ryan became president and CEO of Peoples Heritage during the 1990 recession.
Answer: True
William J. Ryan became the new president and CEO of Peoples Heritage during the period of the 1990 recession and crisis.
Federal regulators issued a cease and desist order against Peoples Heritage in the early 1990s due to issues with bad loans.
Answer: True
During the 1990-1992 crisis, federal regulators issued a cease and desist order against Peoples Heritage due to serious problems with bad loans.
Peoples Heritage opened a dedicated real estate office to sell foreclosed properties during the early 1990s crisis.
Answer: True
In response to the early 1990s crisis, Peoples Heritage opened a storefront retail real estate office specifically to move foreclosed properties.
Peoples Heritage became profitable again by 1995 after the 1990 recession, recapitalizing through a stock issuance.
Answer: False
Peoples Heritage became profitable again by 1993, recapitalizing through a rights offering that generated $38 million in new capital.
Bill Ryan's 1993 strategic plan for Peoples Heritage aimed to triple assets to $15 billion.
Answer: False
Bill Ryan's 1993 strategic plan aimed to double Peoples Heritage's assets to $5 billion.
The acquisition of Bank of New Hampshire in 1995 increased People's assets to $4.2 billion.
Answer: True
The acquisition of Bank of New Hampshire in 1995 increased Peoples Heritage's assets to $4.2 billion.
The Banknorth acquisition in 1999-2000 increased People's assets to $17 billion and expanded its presence in several states.
Answer: True
The Banknorth acquisition in 1999-2000 increased Peoples Heritage's assets to $17 billion and expanded its presence in Massachusetts, Vermont, and New York.
In the early 2000s, Banknorth's primary emphasis was on becoming a purely investment banking firm.
Answer: False
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.
By 2002, Banknorth Insurance Group had become the largest insurance brokerage group in the Northeastern United States.
Answer: False
By 2002, Banknorth Insurance Group had grown to become the largest insurance brokerage group in New England, not the entire Northeastern United States.
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
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.
What was the total number of branches for Peoples Heritage after the merger of People's and Heritage in 1984?
Answer: 35
After the merger of People's Savings Bank and Heritage Savings Bank in 1984, Peoples Heritage had a total of 35 branches.
Why did Peoples Heritage recharter from a mutual bank to a public corporation in 1986?
Answer: To acquire capital for expansion.
Peoples Heritage rechartered as a public corporation in 1986 to acquire capital for expansion.
What was the asset growth target for Peoples Heritage after becoming a public corporation in 1986?
Answer: From $1 billion to $4 billion
After becoming a public corporation in 1986, Peoples Heritage planned to grow its asset base from $1 billion to $4 billion within five years.
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.
Peoples Heritage reorganized as a bank holding company in 1988 to gain greater flexibility in making bank and non-bank acquisitions.
Who became the new president and CEO of Peoples Heritage during the 1990 recession and crisis?
Answer: William J. Ryan
William J. Ryan became the new president and CEO of Peoples Heritage during the 1990 recession and crisis.
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.
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.
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.
In response to the crisis of the early 1990s, Peoples Heritage opened an innovative storefront retail real estate office specifically to move foreclosed properties.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
By 2002, what achievement did Banknorth Insurance Group accomplish in New England?
Answer: It grew to become the largest insurance brokerage group.
By 2002, Banknorth Insurance Group, which was launched in 1997, had grown to become the largest insurance brokerage group in New England.
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.
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.
Toronto-Dominion Bank became the majority owner of Banknorth Group, Inc. in 2004, leading to its rebranding as TD Banknorth, N.A.
Answer: True
In August 2004, Toronto-Dominion Bank became the majority owner of Banknorth Group, Inc., which was then rebranded to TD Banknorth, N.A.
Toronto-Dominion Bank acquired all remaining shares of TD Banknorth in 2008.
Answer: False
Toronto-Dominion Bank acquired all remaining shares of TD Banknorth on April 20, 2007.
The acquisition of Commerce Bank by TD Banknorth in 2008 led to the combined entity being named 'TD Commerce Bank'.
Answer: False
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'.
TD Bank, N.A. centralized its American headquarters in Cherry Hill, New Jersey, in 2013.
Answer: True
In 2013, TD Bank, N.A. centralized its American headquarters in Cherry Hill, New Jersey.
TD Bank, N.A.'s plan to acquire First Horizon Corporation was successfully completed in 2023.
Answer: False
TD Bank, N.A.'s plan to acquire First Horizon Corporation was ultimately scrapped in May 2023.
When did Toronto-Dominion Bank become the majority owner of Banknorth Group, Inc.?
Answer: August 2004
Toronto-Dominion Bank became the majority owner of Banknorth Group, Inc. in August 2004.
What was the immediate rebranding of Banknorth Group, Inc. after Toronto-Dominion Bank became its majority owner?
Answer: TD Banknorth, N.A.
After Toronto-Dominion Bank became its majority owner, Banknorth Group, Inc. was rebranded to TD Banknorth, N.A.
When did Toronto-Dominion Bank acquire all remaining shares of TD Banknorth, making it a wholly owned subsidiary?
Answer: April 20, 2007
Toronto-Dominion Bank acquired all remaining shares of TD Banknorth on April 20, 2007.
What significant acquisition did TD Banknorth make in April 2008?
Answer: Commerce Bank
On April 10, 2008, TD Banknorth acquired New Jersey-based Commerce Bank.
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.
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.
In what year did TD Bank, N.A. centralize its American headquarters in Cherry Hill, New Jersey?
Answer: 2013
TD Bank, N.A. centralized its American headquarters in Cherry Hill, New Jersey, in 2013.
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.
TD Bank, N.A.'s announced plan to acquire First Horizon Corporation in 2022 was ultimately scrapped in May 2023.
The 2012 data breach at TD Bank involved the misplacement of encrypted backup tapes.
Answer: False
The 2012 data breach at TD Bank involved the misplacement of *unencrypted* backup tapes containing customer information.
A class action lawsuit was filed against TD Bank in 2015 for violating the Telephone Consumer Protection Act by making excessive calls to consumers.
Answer: True
A class action lawsuit was filed against TD Bank in October 2015, alleging violations of the TCPA due to excessive telemarketing calls.
TD Bank's coin-counting machines, 'Penny Arcades,' were found to be overcounting coins by a significant margin.
Answer: False
A 2016 lawsuit alleged that TD Bank's 'Penny Arcades' were *undercounting* coins, not overcounting them.
Since 2000, Toronto-Dominion Bank has faced financial penalties exceeding $100 million for various regulatory violations.
Answer: True
Since 2000, Toronto-Dominion Bank has been assessed financial penalties exceeding $197 million for various violations.
The 2024 money laundering settlement required TD Bank to pay $3 billion in penalties and undergo a four-year independent monitorship.
Answer: True
On October 10, 2024, TD Bank agreed to pay $3 billion in penalties and undergo a four-year independent monitorship as part of a money laundering settlement.
FinCEN levied a $1.3 billion penalty against TD Bank for its role in the 2024 money laundering case.
Answer: True
The U.S. Treasury Department's FinCEN levied a record-breaking $1.3 billion penalty against TD Bank in the 2024 money laundering case.
TD Bank admitted to actively facilitating money laundering for a Chinese organized crime ring for over a decade.
Answer: False
TD Bank admitted to *willfully neglecting* its anti-money laundering program, which *allowed* the facilitation of transactions for a Chinese organized crime ring, rather than actively facilitating it.
Senator Elizabeth Warren praised the Justice Department's handling of the 2024 TD Bank money laundering case for holding high-level executives accountable.
Answer: False
Senator Elizabeth Warren criticized the Justice Department for *not* prosecuting high-level executives in the 2024 TD Bank money laundering case.
Senators Elizabeth Warren and Ron Wyden requested that TD Bank identify executives responsible for AML failures after the 2024 settlement.
Answer: True
Following the 2024 money laundering settlement, Senators Elizabeth Warren and Ron Wyden requested TD Bank to identify executives responsible for AML compliance failures.
In December 2024, the Department of Justice charged a Florida-based TD employee with facilitating money laundering to Colombia.
Answer: True
On December 11, 2024, the Department of Justice charged a Florida-based TD employee with facilitating money laundering to Colombia.
TD Bank announced new leadership in January 2025, including a new CEO and global head of financial crime management.
Answer: True
In January 2025, TD Bank announced major leadership changes, including an accelerated CEO transition and the appointment of a new global head of financial crime management.
What was the primary issue in the 2012 data breach at TD Bank?
Answer: Misplacement of unencrypted backup tapes with customer information.
The 2012 data breach at TD Bank involved the misplacement of unencrypted backup tapes containing extensive customer information.
The TCPA class action lawsuit filed against TD Bank in 2015 alleged violations related to what activity?
Answer: Excessive telemarketing calls to consumers.
The TCPA class action lawsuit filed against TD Bank in 2015 alleged violations related to excessive telemarketing calls to consumers.
What was the allegation regarding TD Bank's 'Penny Arcades' coin-counting machines in a 2016 lawsuit?
Answer: They were inaccurately counting coins, undercounting by an estimated 26 cents per $100.
A 2016 lawsuit alleged that TD Bank's 'Penny Arcades' coin-counting machines were inaccurately counting coins, undercounting by an estimated 26 cents per $100.
What was the total amount of financial penalties assessed against Toronto-Dominion Bank since 2000 for various violations?
Answer: Exceeding $197 million
Since 2000, Toronto-Dominion Bank has been assessed financial penalties exceeding $197 million for various regulatory violations.
What was the outcome of the historic money laundering settlement involving TD Bank on October 10, 2024?
Answer: TD Bank agreed to pay $3 billion in penalties and undergo a four-year independent monitorship.
On October 10, 2024, TD Bank pleaded guilty and agreed to pay $3 billion in combined penalties and undergo a four-year independent monitorship for a money laundering conspiracy.
Which U.S. government agency levied a record-breaking $1.3 billion penalty against TD Bank in the 2024 money laundering case?
Answer: The Financial Crimes Enforcement Network (FinCEN)
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) levied a record-breaking $1.3 billion penalty against TD Bank in the 2024 money laundering case.
What specific failure did TD Bank admit to in the 2024 money laundering case?
Answer: Willfully neglecting its anti-money laundering (AML) program for over a decade.
TD Bank admitted to willfully neglecting its anti-money laundering (AML) program for over a decade, allowing trillions of dollars in potentially suspicious transactions to go unchecked.
What was U.S. Senator Elizabeth Warren's criticism regarding the Justice Department's handling of the 2024 TD Bank money laundering case?
Answer: The Justice Department failed to prosecute high-level executives.
Senator Elizabeth Warren criticized the Justice Department for not prosecuting high-level executives in the 2024 TD Bank money laundering case.
What action did Senators Elizabeth Warren and Ron Wyden take following the 2024 money laundering settlement?
Answer: They requested TD Bank identify executives responsible for AML failures.
Following the 2024 money laundering settlement, Senators Elizabeth Warren and Ron Wyden requested TD Bank to identify the executives responsible for the anti-money laundering compliance failures.
What notable legal action did the Department of Justice take in December 2024 related to TD Bank's money laundering case?
Answer: Charged a Florida-based TD employee with facilitating money laundering to Colombia.
In December 2024, the Department of Justice charged a Florida-based TD employee with facilitating money laundering to Colombia.
What leadership changes did TD Bank announce in January 2025 in response to the money laundering case?
Answer: A new CEO was appointed, and a new global head of financial crime management was named.
In January 2025, TD Bank announced an accelerated CEO transition and the appointment of a new global head of financial crime management.
TD Banknorth purchased the naming rights for the TD Garden in Boston in 2008.
Answer: False
TD Banknorth purchased the naming rights for the TD Garden in Boston in 2005.
The Somerset Patriots baseball team's home stadium became the TD Bank Ballpark after TD Bank acquired Commerce Bancorp in 2009.
Answer: True
After TD Bank acquired Commerce Bancorp in 2009, the company became the title sponsor of the TD Bank Ballpark, home to the Somerset Patriots.
TD Bank partnered with The Shed in Manhattan in 2019 to sponsor its 'Open Call' artist commissioning program.
Answer: True
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.
The Toronto Blue Jays' spring training home in Florida was renamed TD Ballpark in 2018.
Answer: False
The Toronto Blue Jays' spring training home was renamed TD Ballpark on November 4, 2019, following a naming rights extension.
In what year did TD Banknorth purchase the naming rights for the TD Garden in Boston?
Answer: 2005
TD Banknorth purchased the naming rights for the TD Garden in Boston in 2005.
Which baseball stadium became the TD Bank Ballpark after TD Bank acquired Commerce Bancorp in 2009?
Answer: Home stadium for the Somerset Patriots
The home stadium for the Somerset Patriots baseball team became the TD Bank Ballpark after TD Bank acquired Commerce Bancorp in 2009.
What cultural institution did TD Bank partner with in Manhattan in 2019 to sponsor its 'Open Call' artist commissioning program?
Answer: The Shed
TD Bank partnered with The Shed in Manhattan in 2019 to sponsor its 'Open Call' artist commissioning program.
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
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.