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Toronto-Dominion Bank The Toronto-Dominion Bank (French: Banque Toronto-Dominion) is a Canadian multinational banking and financial services corporation headquartered in Toronto. It is the second-largest bank in Canada by market capitalization and based on assets, and is the sixth largest bank branch network in North America. Commonly known as TD and operating as TD Bank Group (French: Groupe Banque TD), the bank was created in 1955 through the merger of the Bank of Toronto and the Dominion Bank, which were founded in 1855 and 1869, respectively. TD's Institution Number (or bank number) is 004. TOSHIBA Satellite L750-ST4N02 Laptop Keyboard The bank and its subsidiaries have over 79,000 employees and over 19 million clients worldwide.[1] In Canada, the bank operates as TD Canada Trust and serves more than 11 million customers at over 1,150 branches. In the United States, the company operates as TD Bank (the initials are used officially for all U.S. operations). The U.S. subsidiary was created through the merger of TD Banknorth and Commerce Bank, and serves more than 6.5 million customers with a network of more than 1,300 branches in the eastern United States.[2]TOSHIBA NB100-11G Laptop Keyboard The company is ranked at number 86 on the Forbes Global 2000 2010 listing.[3] In October 2008, the company was named in the listings of Canada's Top 100 Employers in Maclean's and Greater Toronto's Top Employers by the Toronto Star.[4]Furthermore, in February 2011, it was named one of Canada's top 10 employers by the Financial Post. HP Envy 15 Laptop Keyboard The bank's headquarters is at the Toronto-Dominion Centre at King Street and Bay Street in Toronto. The black skyscrapers were designed by the firm of Ludwig Mies van der Rohe and were the first of their kind in the city. Opened in 1967, the TD Centre was the inspiration of Al Lambert (1911–2002), the former President and Chairman of the Board of the bank. HP 576835-001 Laptop Keyboard TD Bank Group subsidiaries include: Wealth Management offers investors an array of investment products and services. Wealth Management comprises a number of advisory, distribution and asset management businesses, including TD Ameritrade and TD Mutual Funds. TOSHIBA Satellite L775-S7245 Laptop Keyboard TD Securities is the investment banking arm of TD Bank Financial Group. It is an underwriter of debt and equity securities and strategic advisor to corporations, governments, and institutions worldwide. A key business segment is the trading of fixed income and equity products, currencies, commodities and derivatives in major financial markets around the world. It has offices in 18 cities worldwide with over 3,000 employees. TD Securities is a leading investment dealer in North America, has a strong presence in Europe, and is active in Asia. HP Compaq G50-126NR Laptop Keyboard The origins of the Toronto-Dominion Bank lie in the efforts of a group of businessmen in the Province of Canada West (as Ontario was formerly called between 1840 and 1867), involved in the buying, milling and marketing of grain. They were determined to create a financial institution to meet their specific needs in banking, insurance and commodities exchange. The first petition to the legislature of the province of Canada, in 1854, for the incorporation of the Millers, Merchants and Farmers Bank of Canada West, was rejected. However, on March 18, 1855, their application for a charter for the Bank of Toronto, with an authorized capital of £500,000, was granted. DELL NSK-D8001 Laptop Keyboard In July 1856, the Bank of Toronto opened its offices at 78 Church Street, Toronto, with a staff of three and immediately began development of a provincial network of branches. In 1860, it opened its first branch outside of Ontario, in Montreal. HP G42-415DX Laptop Keyboard The Bank of Toronto established itself as an efficient,profitable, but essentially conservative bank through the 19th century. It maintained a very high reserve against its capital and enjoyed the highest share price of any bank in Canada. Growth was very slow and deliberate with a few new branches opened in emerging regional centres. Core customers remained farmers, merchants, and processors of farm products (millers, brewers, distillers). DELL Vostro 3450 Laptop Keyboard In 1871, the Bank of Toronto was joined on the Ontario scene by the Dominion Bank, launched by entrepreneurs and professionals under the leadership of James Austin. They were dedicated to creating a new institution “conducive to the general prosperity of that section of the country.” Like the Bank of Toronto, the Dominion Bank was a cautious institution, “selecting its customers carefully, serving them well, and duly prospering with them” (in the words of the official history). It too created a network of branches, and in 1872 became the first Canadian bank to have two branches in one city – Toronto. SONY VAIO PCG-FR315M Laptop Keyboard With the maturing of the Canadian economy and the opening of northern Ontario and the West in 1880s and 1890s, the banks became more aggressive in loans to resource industries, utilities, and manufacturing. In 1897, the Dominion Bank opened its first western branch in Winnipeg and two years later the Bank of Toronto opened a branch in the British Columbia mining town of Rossland. In the first decade of the twentieth century, the banks rapidly expanded their branch networks in central Canada and across the west. Compaq 6720s Laptop Keyboard To mark their rise as significant national institutions, the Dominion Bank moved into a large new head office building at the corner of King and Yonge Streets in Toronto in 1879 and the Toronto Bank followed with another landmark head office at King and Bay Street in 1913.[6][7]HP Pavilion dv3-2106tu Laptop Keyboard World War I brought new challenges for the two banks when they were called upon to finance war expenditures and to support the innovation of war bonds marketed to the general public. Half the staff of the two banks served in the armed forces. ACER Aspire 5610Z Laptop Keyboard Except for some contraction in the western provinces due to drought, the decade following the war was one of expansion and increasing profitability due to resource development and industrial expansion. Both banks weathered the storm of depressionin the 1930s without great difficulty, despite a decline in earnings. Like all Canadian banks, they endured criticism of itscredit policies and resisted the introduction of a central bank to control the money supply and advise on fiscal policy. Ultimately the Bank of Canada was established and the banks relinquished their right to issue their own currency. TOSHIBA Mini NB 505-SP0160 Laptop Keyboard The coming of the Second World War involved the banks, once again, in the marketing of war bonds and in participation in the control of foreign exchange, rationing, and other financial war measures. Approximately 500 staff, or almost half the total, entered the armed forces. HP Envy 15 Laptop Keyboard The Bank of Toronto and Dominion Bank emerged from the war in 1945 stronger than ever, with assets more than doubled since 1939. With the post-war boom they became more active in business lending and in the penetration of new markets. However, they quickly realized that the costs of expansion and competition with much larger rivals made their objectives difficult to realize. Neither bank had engaged in acquisitions or mergers in order to grow, but both determined that a union with a bank of equal size would place them in a much stronger position to take advantage of the opportunities of the post-war economy. Packard Bell Easynote TK85 laptop keyboard In 1954 negotiations began between the Bank of Toronto and the Dominion Bank, and by the end of the year an amalgamation agreement was reached. In their brief to the Minister of Finance the banks stated: “It is more burdensome for a small bank to keep pace with the development of our country than for a large bank, with the result that the effective growth and comparative influence of smaller banks will probably in the future decline in comparison with that of the larger banks.” Packard Bell PEW91 laptop keyboard On November 1, 1954, Canada's Minister of Finance announced that the amalgamation was accepted and shareholders were asked for their approval. This was forthcoming in December and on February 1, 1955, the Bank of Toronto and the Dominion Bank became the Toronto-Dominion Bank. SONY VAIO VGN-CS115J/R laptop keyboard The first years of the new bank were dedicated to the demands of amalgamating the two predecessors, institutions of roughly equal size, but with different strengths and unique corporate cultures. Head office functions were combined, branches were consolidated, and a new regional organization was established. An aggressive program of branch modernization and expansion extended TD's presence in its traditional markets and took it into new territory in the Maritime provinces and on the natural resource frontier. The identity of the new bank was established through an active public relations campaign focused on customer service - “The Best in Banking Service”, the bank’s first slogan evolved into the highly successful “The Bank Where People Make the Difference”. HP Mini 311-1042TU laptop keyboard The competitive banking environment, and the need for effective integration of two administrations, led the Bank to re-assess and modernize business practices and methods through the second half of the 1950s. Procedures were streamlined, new technology was introduced, and the human resources function acquired new importance as the bank placed increased weight on customer service and product knowledge. Lenovo 45N2036 laptop keyboard SONY VAIO VPCF126FM Laptop Keyboard The bank’s emergence as a forward-looking institution was highlighted by the announcement in 1962 that it would have a new and very high profile head office in downtown Toronto. The Toronto-Dominion Centre, designed by Mies van der Rohe, the leading architect of the day, would include the tallest building in Canada. It would revolutionize both the skyline of Toronto and the public perception of TD. ACER Aspire 7736ZG Laptop Keyboard By the 1960s, the bank had solidified its domestic base and established its credentials as a major institution. It began to look beyond its traditional spheres of operation and to explore the international scene and opportunities, domestic and foreign, for large scale project financing. A network of U.S. representative offices was developed and partnerships with global merchant banks and venture capital operations were undertaken. Heralding a new commitment to independent and syndicated project financing, in 1967 the bank undertook the financing of the massive Anvil lead-zinc-silver mining operation in Yukon, the construction of the Rainbow crude oil pipeline in Alberta, and resource development ventures in Ireland. DELL 0454RX Laptop Keyboard The bank offered the first debentures in Canadian banking history on May 29, 1967. The Bank Act of 1967 ushered in a period of enormous change on the Canadian financial scene.[8] Banks were permitted for the first time to charge more than six-per-cent interest on loans, encouraging a new emphasis on personal and specialized consumer loans. More significantly, banks could now make mortgage loans on real estate and the mortgage loan portfolio quickly gained enormous significance. HP Envy 15 Laptop Keyboard By the close of 1960s the bank’s customer base had become more diverse and new products and services were being launched almost daily. The Visa card made its appearance (as Chargex) and mutual funds were marketed for the first time. In addition, the options for product and service delivery were greatly expanded thanks to computer and communications technology. An “On-Line Savings” system was introduced in Toronto in 1967 and ten years later the Green Machine appeared (the first “full-service” automatic teller machine (ATM) or ABM (automatic banking machine - the general term within Canadian banking), greatly enhancing the customer service capabilities of the Bank. TOSHIBA Satellite L775-S7245 Laptop Keyboard To establish a modern and popular brand a new logo was introduced and an official “TD green” was adopted in 1969. In the same period, television and radio advertising were utilized for the first time in order to promote the new range of products. HP Pavilion DV7-3065dx Laptop Keyboard The bank kept in step with the times on other fronts as well. Women were encouraged to move into management roles and the first female bank manager was appointed in 1968. Little more than a decade later more than 40% of all management trainees were women.  HP Mini 110-3135dx Laptop Keyboard International operations, which had gained in importance in the late 1960s, became a major focus of the Bank after 1970. New subsidiaries were launched in theUnited Kingdom, United States, and the Middle East. In 1970, TD became first Canadian bank to make a substantial investment in commercial banking in Hong Kongand by the end of the decade TD's role in international lending and money market trading was supported by operations in almost every corner of the globe. SONY VAIO VGN-CS31S/V Laptop Keyboard Following upon the success of the Toronto TD Centre, the bank was active in financing retail and commercial real estate projects across Canada. It was a partner in the Toronto Eaton Centre and participated in such major developments as the Pacific Centre in Vancouver, Edmonton Centre, TD Square in Calgary, and theToronto-Dominion Bank Building in Halifax. HP Envy 15 Laptop Keyboard The bank easily weathered the economic downturn of the early 1980s, showing consistent (and sometimes remarkable) revenue increases from 1980 to 1984. By the late 1980s, however, the Bank was caught up in the debt crisis in the developing world caused by the recession and the dramatic rise in interest rates. Significant loan losses were reported in 1987 and while the bank participated actively in debt restructuring initiatives, it also committed itself to more conservative lending practices. COMPAQ Presario C700 Laptop Keyboard Despite the difficult economic conditions and the negative impact on earnings, the 1980s and early 1990s saw many positive developments. Deregulation began to break down the barriers between the various elements of the financial sector, particularly with the Bank Act of 1987. The bank moved into the discount brokeragebusiness in 1984 with the introduction of Green Line Investor Services and less than a decade later launched its full service brokerage, TD Evergreen. In 1987, Toronto Dominion Securities Inc. was established to provide corporate, treasury and investment banking services to corporate clients. In 1992 the Bank acquired the assets of a major trust company, Central Guaranty Trust and began the operation of TD Bank and Trust. DELL PVDG3 Laptop Keyboard The 1990s saw TD responding swiftly to the challenges of the Internet and leading the way in e-banking. In 1996 the bank’s web site was created and TD Access: PC was launched, North America’s first fully integrated banking and brokerage PC package. In 1998 Web Access was introduced and within a year e-banking services were available to a growing number of customers internationally. By the 21st century, the bank had positioned itself as a multi-channel e-commerce company. SONY VAIO VPCF126FM Laptop Keyboard The need to build TD into a major player in world financial markets prompted the Bank to acquire Waterhouse Investor Services Inc. in 1996 (and in a stroke more than double its size as a discount broker). The $8 billion purchase of Canada Trust was completed in 1999 and the merger took effect in February 2000. Lenovo 63Y0047 Laptop Keyboard Canada Trust brought a history as long and as rich as that of the TD Bank itself. It had grown out of the same need for basic financial services in a young Canada. Local businessmen in London, Ontario, in 1864, founded it, as the Huron & Erie Loan and Savings Company. But through mergers it could trace an ancestry to 1855 and the establishment of the Canada Permanent Mortgage Corporation by many of the same individuals who established the Bank of Toronto. It also had direct ties to Toronto General Trusts, Canada’s first trust company, incorporated in 1872. These institutions were instrumental in providing a pioneering farming community and residents of the growing towns across Canada with mortgage funds and other financial services. SONY 147915321 Laptop Keyboard Huron & Erie/Canada Trust established itself as a dynamic mortgage and trust company, first in Ontario, then across Canada through the late 19th and early 20th centuries. It was consistently aggressive in building its business and marketing its services and became an innovator in customer service. Following its merger with Canada Permanent in 1989, Canada Trust became the country’s sixth largest financial institution. HP 636376-001 Laptop Keyboard The Canada Trust acquisition gave the Bank new momentum, significantly expanded the breadth and depth of the Bank’s branch coverage, and enhanced TD's customer service commitment. Some have incorrectly referred to the new corporation as TD Canada Trust, though the latter only makes up the largest division. Toronto-Dominion Bank has now been operating under the brand Toronto-Dominion Bank Financial Group (TDBFG). DELL Vostro 1014 Laptop Keyboard With the merger of Toronto-Dominion Bank and Canada Trust, the Competition Bureau required them to sell either their MasterCard or Visa business. Citibank Canada bought TD Canada Trust's MasterCard business and clients. TD began advertising its Visa cards under the corporate brand TD Visa. TOSHIBA Mini NB 505-SP0160 Laptop Keyboard In the 1990s, TD acquired US discount brokerage Waterhouse, renaming it "TD Waterhouse". In Canada, TD's own "Green Line" discount brokerage adopted the TD Waterhouse name. In June 1999, TD spun off 42 million shares or 12.4 per cent of TD Waterhouse in an initial public offering, with shares priced at $35.28 CAD or $24 USD per share, earning $1.01 billion USD. In 2001, with the bursting of the Dot-com bubble and lower trade volumes that brought down Waterhouse's share price, TD bought back that minority stake at $9 USD per share for only $378 million USD, earning a profit on the privatization. The acquisition was conditional on TD owning at least 90 per cent of Waterhouse's outstanding common shares, and it owned almost 89 per cent when the privatization was announced. [9] [10]HP Pavilion dm1-1010st Laptop Keyboard In 2003, TD held talks with E-Trade about merging TD Waterhouse with E-Trade, but they broke down over issues of control. On August 26, 2004, the bank announced a definitive agreement to acquire a 51 per cent interest in Banknorth Group, Inc. (now TD Banknorth), a bank in the US northeast. In 2005, TD announced an agreement to sell TD Waterhouse (USA) to Ameritrade; TD would own a 30 per cent stake in the newly created TD Ameritrade. Compaq Presario CQ42-228LA Laptop Keyboard In late September 2009 and early October 2009, significant technical problems related to the integration of computer systems with the previously purchased Commerce Bank caused chaos for many customers as funds for scheduled direct deposits were not available and account balances were reported incorrectly. The bank's telephone lines experienced extremely high call volume and branches were crowded with customers looking for information. TOSHIBA Satellite l25-s1216 laptop keyboard In April 2010, TD Bank acquired three failed banks in the United States. It acquired certain assets and liabilities of Riverside National Bank of Florida, First Federal Bank of North Florida and AmericanFirst Bank from the Federal Deposit Insurance Corporation (FDIC).[11]HP Mini 210-2130nr laptop keyboard In June 2012, TD Canada Trust introduced a new enhanced Access Card with the new VISA Debit /Interac Flash Access Card which will allow customers to use it over the phone/online and Internationally. through the Visa network [13]HP Mini 210-2006sa laptop keyboard Current members of the board of directors [17] of the company are: William Bennett, Hugh J. Bolton, John Bragg, W. Edmund Clark, Wendy Dobson, Henry Ketcham,Pierre Lessard, Brian M. Levitt, Harold MacKay, Irene R. Miller, Nadir H. Mohamed, Roger Phillips, Wilbur Prezzano, William Ryan, Helen Sinclair, Carole Taylorand John Thompson. TOSHIBA Satellite L775D-S7206 laptop keyboard The title of Toronto-Dominion Bank's top executive has changed over the years. Initially it was styled as Chairman. Later, it became Chief Executive Officer and one often carried additional responsibilities as Chairman of the Board, while the second-in-command was the President. After the merger of the Toronto-Dominion Bank and Canada Trust, while Charles Baillie was Chairman and Chief Executive Officer of the combined entity, Clark was appointed President and Chief Operating Officer which solidified him as the eventual successor to Baillie. Upon Baillie's retirement, Clark became the President and Chief Executive Officer, as the bank decided to appoint John M. Thompson as non-executive chairman. SONY VAIO VGN-NW Series laptop keyboard   TD is commonly described as possessing the sixth largest network of branches in North America. However, this is misleading[unbalanced opinion] since TD customers from Canada cannot access products and services in the U.S and vice versa.[editorializing] Indeed, it is impossible for a Canadian customer who possesses a US dollar account in a Canadian branch to access that account in the U.S.[citation needed] They are however able to access their Canadian dollar accounts through TD Bank ATMs in the U.S. without paying PLUS Network transaction fees and in some Presto! Lenovo ThinkPad Edge E520 laptop keyboard ATMs in the southeastern United States, though they still pay exchange fees.[24] Thus, the ability of a customer to access the assets they hold with TD outside of their home country is limited to the maximum withdrawal amount at an ATM per day.[clarification needed] It would seem more accurate then to describe TD as two separate, and significantly smaller branch networks, SONY KFRSBA019A laptop keyboard one Canadian, one American, linked only by their collective corporate ownership.[citation needed] Alberta's Top Employers is a competition that recognizes the best workplaces in Alberta. Published annually since October 2005, the designation recognizes the Alberta employers that lead their peers in providing exemplary employee benefits and forward-thinking human resource programs. The winners are chosen by the editors of Canada's Top 100 Employers and announced in editorial features published annually by the Calgary Herald[4] and the Edmonton Journal.[5]HP Pavilion dv6-2180ep laptop keyboard Any employer with its head office or principal place of business in Alberta may apply to be considered for the award, which is made for one calendar year. The competition is open to public-sector and private-sector employers alike.[6]BC's Top Employers is an annual competition that recognizes the best employers in British Columbia to work. First published in October 2005, the special designation recognizes the British Columbia employers that lead their industries in offering exceptional places to work. The winners are chosen by the editors of Canada's Top 100 Employers, with the winners announced in special editorial features published each fall by the Vancouver Sun, The Province and the VictoriaTimes-Colonist.[7]HP Pavilion dv6-2015sw laptop keyboard Any employer with its head office or principal place of business in British Columbia can apply to be considered for the award, which is made for one-year period. The competition is open to public-sector[8] and private-sector[9] employers alike. Packard Bell PEW91 laptop keyboard Manitoba's Top Employers is an annual competition that recognizes the best places to work in Manitoba. Published annually since October 2006, the designation singles out the employers in the province that lead their industries in creating forward-thinking workplaces with progressive human resources policies. Winners are chosen by the editors of Canada's Top 100 Employers and announced in an editorial feature published each fall by the Winnipeg Free Press, the largest newspaper in Manitoba.[10]Lenovo 45N2141 laptop keyboard Any employer with its head office or principal place of business in Manitoba may apply to be considered for the award, which is made for one calendar year. The competition is open to public-sector and private-sector employers alike.[11] Employers complete a single application to be considered for both the annual Manitoba's Top Employers and the Canada's Top 100 Employers designation. Compaq Presario CQ71-317EA laptop keyboard Saskatchewan's Top Employers is an annual competition that recognizes the best places to work in Saskatchewan. Published annually since October 2005, the designation singles out the employers in the province that lead their industries in creating forward-thinking workplaces with progressive human resources policies. Winners are chosen by the editors of Canada's Top 100 Employers and announced in editorial features published each fall by The StarPhoenix(Saskatoon)[12] and the Regina Leader-Post,[13] the two largest newspapers in Saskatchewan. HP 550 Laptop Keyboard Any employer with its head office or principal place of business in Saskatchewan may apply to be considered for the award, which is made for one calendar year. The competition is open to public-sector and private-sector employers alike.[14] Employers complete a single application to be considered for both the annual Saskatchewan's Top Employers and the Canada's Top 100 Employers designation. HP 367778-001 Laptop Keyboard Greater Toronto's Top Employers is an annual competition that recognizes the best places to work in the Greater Toronto Area (which includes City of Toronto and the Regional Municipalities of York, Halton, Peel and Durham). Published annually since October 2006, the designation singles out the employers in greater Toronto that lead their industries in creating forward-thinking workplaces with progressive human resources policies. Winners are chosen by the editors of Canada's Top 100 Employers and announced in a special editorial feature published each fall by the Toronto Star, Canada's largest newspaper.[15] The Star's editorial coverage of this competition in 2007 won first-place at the Inland Press Awards in Chicago.[16]HP Pavilion DV6z artist edition 2 Laptop Keyboard Any employer with its head office or principal place of business in the Greater Toronto Area may apply to be considered for the award, which is made for one calendar year. The competition is open to public-sector and private-sector employers alike.[17] Employers complete a single annual application to be considered for both the Greater Toronto's Top Employers and the Canada's Top 100 Employers designation. SONY VAIO VGN-FS640 Laptop Keyboard Waterloo Area's Top Employers is an annual competition that recognizes the best places to work in Canada's Technology Triangle, which is generally described as the Kitchener-Waterloo Area together with the cities of Guelph and Cambridge, Ontario. Published annually since October 2007, the designation recognizes the employers that lead their industries in creating forward-thinking workplaces with progressive human resources policies. Winners are chosen by the editors of Canada's Top 100 Employers and announced in editorial features published each fall by the Waterloo Region Record,[18] Guelph Mercury[19] and the Cambridge Times. HP G42-415DX Laptop Keyboard Any employer with its head office or principal place of business in the Waterloo area may apply to be considered for the award, which is made for one calendar year. The competition is open to public-sector and private-sector employers alike.[20] Employers complete a single application to be considered for both the annual Waterloo Area's Top Employers and the Canada's Top 100 Employers designation. HP Mini 210-1190NR Laptop Keyboard In July 1856, the Bank of Toronto opened its offices at 78 Church Street, Toronto, with a staff of three and immediately began development of a provincial network of branches. In 1860, it opened its first branch outside of Ontario (then asCanada West), in Montreal, Canada East. HP Mini 110-3118cl Laptop Keyboard The Bank of Toronto established itself as an efficient, profitable, but essentially conservative bank through the 19th century. It maintained a very high reserve against its capital and enjoyed the highest share price of any bank in Canada. Growth was very slow and deliberate with a few new branches opened in emerging regional centres. Core customers remained farmers, merchants, and processors of farm products (millers, brewers, distillers).  FUJITSU Amilo Mini Ui 3520 Laptop Keyboard With the maturing of the Canadian economy and the opening of northern Ontario and the West in 1880s and 1890s, the banks became more aggressive in loans to resource industries, utilities, and manufacturing. In 1899, the Bank of Toronto opened a branch in the British Columbia mining town of Rossland. In the first decade of the twentieth century, the banks rapidly expanded their branch networks in central Canada and across the west. HP Envy 15 Laptop Keyboard To mark their rise as significant national institutions, the Bank of Toronto moved into a large new head office building at the corner of King and Bay Streetsin Toronto in 1913. World War I brought new challenges for the two banks when they were called upon to finance war expenditures and to support the innovation of war bonds marketed to the general public. Half the staff of the two banks served in the armed forces. HP G56-118CA Laptop Keyboard Except for some contraction in the western provinces due to drought, the decade following the war was one of expansion and increasing profitability due to resource development and industrial expansion. The bank weathered the storm of depression in the 1930s without great difficulty, despite a decline in earnings. Like all Canadian banks, they endured criticism of its credit policies and resisted the introduction of a central bank to control the money supply and advise onfiscal policy. Ultimately the Bank of Canada was established and the banks relinquished their right to issue their own currency.  HP 636376-001 Laptop Keyboard The coming of the Second World War involved the banks, once again, in the marketing of war bonds and in participation in the control of foreign exchange,rationing, and other financial war measures. Approximately 500 staff, or almost half the total, entered the armed forces. SONY VAIO VGN-NR21E/S Laptop Keyboard The Bank of Toronto emerged from the war in 1945 stronger than ever, with assets more than doubled since 1939. With the post-war boom they became more active in business lending and in the penetration of new markets. However, they quickly realized that the costs of expansion and competition with much larger rivals made their objectives difficult to realize. Neither bank had engaged in acquisitions or mergers in order to grow, but both determined that a union with a bank of equal size would place them in a much stronger position to take advantage of the opportunities of the post-war economy. SONY 147963021 Laptop Keyboard The Bank of Toronto in Winnipeg, Manitoba erected in 1905-06 is on the Registry of Historical Places of Canada.[2] The Bank of Toronto in Toronto, Ontario built in 1905 is on the Registry of Historical Places of Canada.[3] The Bank of Toronto Building in Victoria, British Columbia built in 1949 to 1951 is on the Registry of Historical Places of Canada.[4] The Bank of Toronto Building in Chaplin, Saskatchewan built in 1915 is on the Registry of Historical Places of Canada.[5] The Bank of Toronto Vault in Turtle Mountain, Manitoba, completed in 1919, is on the Registry of Historical Places of Canada.[6] Andrew Taylor (Architect) designed the Bank of Toronto at St. James Street & McGill Street, which was erected in 1893-94.[7]DELL Precision M4500 Laptop Keyboard TOSHIBA NSK-TAJ01 Laptop Keyboard In 1954 negotiations began between the Bank of Toronto and the Dominion Bank, and by the end of the year an amalgamation agreement was reached. In their brief to the Minister of Finance the banks stated: “It is more burdensome for a small bank to keep pace with the development of our country than for a large bank, with the result that the effective growth and comparative influence of smaller banks will probably in the future decline in comparison with that of the larger banks.” HP Pavilion DV7-3065dx Laptop Keyboard On November 1, 1954, Canada's minister of finance announced that the amalgamation was accepted and shareholders were asked for their approval. This was forthcoming in December and on February 1, 1955, the Bank of Toronto and The Dominion Bank became the Toronto-Dominion Bank. The building of 78 Church Street was listed on the City of Toronto Heritage Property Inventory on August 14, 1991, in hopes of preserving some of its historical physical attributes.[8]GATEWAY V021646BS1 Laptop Keyboard TD Banknorth, formerly just Banknorth, was a wholly owned subsidiary of the Toronto-Dominion Bank which conductedbanking and insurance activities, primarily serving the northeastern area of the United States, headquartered inPortland, Maine. The bank became TD Bank, N.A. in June 2008. In August 2004, Toronto-Dominion Bank became the majority owner, renaming it "TD Banknorth, N.A."; all remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20, 2007. Lenovo 45N2106 Laptop Keyboard Its operating companies were Banknorth Connecticut, Peoples Heritage Bank (in Maine), Banknorth Massachusetts, Bank of New Hampshire, Evergreen Bank (in New York), Hudson United Bank, Banknorth Vermont, and Bancnorth Insurance Group. The majority of these companies were branded as TD Banknorth of State (example "TD Banknorth of Maine").DELL Vostro 3550 Laptop Keyboard On April 10, 2008, TD Banknorth was merged with New Jersey–based Commerce Bank to form TD Bank, with joint headquarters in Cherry Hill, New Jersey and Portland, Maine. The legal name of the bank was changed to TD Bank, N.A. in June 2008, with all TD Banknorth branches outside of New England and all Commerce Bank branches being rebranded in the fall of 2008. The remaining branches, in New England, took on the new name in September 2009. GATEWAY MT3422 Laptop Keyboard The Portland Savings Bank was established in 1852, and was initially open only on Wednesdays and Saturdays from 11 to 1.Albion K. Parris, Portland’s mayor, was the first President. Support of community and public projects was an important objective of the bank. It weathered the great fire of Portland and the financial panics in 1873 and 1878, and at its 50th year in 1902 had 24,000 depositors, deposits of almost $10,000,000, and a staff of nine. In 1906, a branch on Congress Street joined the Head Office branch, and nineteen years later all business moved to Congress Street. DELL NSK-DG101 Laptop Keyboard The Stock Market Crash of 1929 and the ensuing Great Depression gravely threatened the Bank. To handle the number of properties it came to own through foreclosure, the bank established a “Real Estate Department” or property management division. Returning to prosperity with the post-war mortgage boom, Portland Savings was revolutionized under the leadership of Roger Lambert, CEO from 1965 to 1981. He encouraged the creation of a more dynamic board of directors and established a wide array of bank services, following the model of the commercial banks. He expanded Portland Savings’ portfolio of commercial loans and introduced innovative retail products such as money market certificates. Between 1965 and 1981 the bank grew from 2 to 13 branches across Maine, with assets increasing from $63 to $294 millionDELL Latitude D620 Laptop Keyboard People’s Savings was founded in 1875 in Lewiston, Maine. A conservative but successful bank, it prospered with the local mill economy. Early in the twentieth century the bank innovated by opening $1 accounts for all babies born in the area, on condition that there were no withdrawals for ten years. The policy lasted into the 1970s. Christmas and vacation clubs were also established. Local banks suffered greatly from the decline of the mill economy in the 1920s and 1930s, but enjoyed a recovery during World War II, with industrial renewal and a defense bond business. In the post-war period People’s helped finance the new industries that were gradually replacing textiles in the local economy. SONY VAIO VGN-FS315M laptop keyboard "The late 1970s and early 1980s were difficult years for the thrift industry. As inflation and interest rates soared into double digits, savings banks in Maineand elsewhere found themselves forced to pay higher interest rates to attract depositors while maintaining a large portfolio of long-term low-interest mortgages." In 1981 Portland Savings declared a loss and recognized a pressing need for consolidation in the local banking market. The following year Portland and People’s arranged a merger, HP Pavilion dv5-1046tx laptop keyboard and the new bank adopted the People’s name. In 1984, Peoples and Heritage merged as Peoples Heritage – a billion dollar institution with Wes Bonney as the first President. The new bank, with a total of 35 branches, moved quickly to expand its ATM network, introduce innovations such as Cashline phone banking, and develop an emphasis on commercial loans – a new development for a traditional savings bank. In 1986, in an effort to acquire capital for expansion, Peoples moved from being a mutual bank to a public corporation. TOSHIBA Satellite M305 laptop keyboard With its new resources the bank planned to grow its asset base from $1 billion to $4 billion within five years. This was to be accomplished through acquisitions, an expanded branch network, and a rapid increase in commercial lending and real estate. In 1988, Peoples Heritage reorganized itself as a bank holding company in order to gain greater flexibility in making bank and non-bank acquisitions. TOSHIBA Satellite L550-ST5701 laptop keyboard In 1989 the Maine real estate market collapsed. In this period of crisis, William J. Ryan became the new President and CEO. In 1990, the recession resulted in 111 bank closures or mergers in New England. Peoples’ stock began to fall as serious problems emerged with bad loans, particularly in the faltering real estate sector, but also in the commercial realm. In the period 1990 to 1992, Peoples was losing money, and federal regulators issued a cease and desist order restricting the bank’s freedom in the loans area. In response, the management team was shaken up, and special teams were assigned to loans review and restructuring. The bank opened an innovative storefront retail real estate office to move foreclosed properties. SAMSUNG N148 laptop keyboard By mid-1992 recovery had begun. The bank had aggressively reduced its portfolio of non-performing loans, and all discernible asset quality trends were positive, resulting in a favorable impact to the bottom line. In 1993 the bank began to show a profit once more, and it re-capitalized with a rights offering in Q4 1992, generating $38 million in new capital. HP Mini 210-2030ez laptop keyboard The Banknorth acquisition was the most significant to date, and with it Peoples assumed the Banknorth name. Banknorth Group Inc. was headquartered in Burlington, Vermont. The Company was the holding company for: Franklin Lamoille Bank (1899) in St. Albans; The Howard Bank N.A. (1870) in Burlington; Stratevest N.A. (Investment & Managements) in Burlington (FLB, THB, GSB, FVB, FNB, FMB, EB); Granite Savings Bank & Trust Company (1885) in Barre; Woodstock National Bank (1802) in Woodstock; First Vermont Bank & Trust Company (1906) in Brattleboro; and Farmington National Bank (1854), Farmington, New Hampshire. The merger increased Peoples' assets to $17 billion and gave it a larger presence in Massachusetts, Vermont and, through Evergreen Bank (Glens Falls, (1853), in New York. FUJITSU Lifebook T4210 laptop keyboard The completion of the merger was delayed by regulatory review, but on May 10, 2000, Banknorth Group Inc of Portland, Maine came into being. “The Banknorth acquisition brought into the fold eight separate community banks (Franklin Lamoille Bank N.A., The Howard Bank N.A., and First Vermont Bank N.A. in Vermont; Bank of New Hampshire under the charter of Farmington National Bank in New Hampshire; Oxford Bank & Trust, a division of Peoples Heritage Bank, and Peoples Heritage Bank in Maine; First Mass. Bank in Massachusetts; GBT, a division of First Mass Bank in Connecticut; and Evergreen Bank in New York), with 101 branches, together with an investment management firm, Stratevest, that oversaw some 4 billion in assets and a freestanding mortgage-lending unit.” HP Mini 110-1119NR laptop keyboard The new organization renewed its program of acquisitions. “As Banknorth expanded across the map of New England, the message remained the same: community banking values, enhanced by the resources of a major banking organization, create a better bank.” SONY VAIO VGN NR430E laptop keyboard In the 1990s and early 2000s, the emphasis was on the development of a financial services company in a true community bank setting. In 1997 the bank launched what would become Banknorth Insurance Group, and by 2002 built the largest insurance brokerage group in New England. By 2002 Banknorth Investment Management Group had grown out of the trust business of the Bank of New Hampshire and Banknorth Vermont’s consolidated trusts operation, Stratevest. GATEWAY M-6851 laptop keyboard On December 31, 2001, the holding company, Banknorth Group, Inc., merged its seven subsidiary banks into one bank, Banknorth NA under the Peoples Heritage Bank charter dating back to 1852, with one OCC charter. Using locally relevant trade names retained the local identity in each state. DELL NSK-DG101 laptop keyboard On August 26, 2004, it was announced that TD Bank Financial Group had signed an agreement with Banknorth to acquire 51% of the outstanding shares of the company for a total of $3.8 billion US. Banknorth shareholders approved the transaction at a special meeting of shareholders on February 18, 2005, and final approval was announced on March 1, 2005. In connection with the transaction, Banknorth changed its name to TD Banknorth Inc. and reincorporated in Delaware. HP pavilion DV7-1000 Laptop Keyboard All remaining shares of TD Banknorth were acquired by Toronto-Dominion Bank on April 20, 2007. In July, 2005, TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey (which took over the Middletown Savings Bank locations in New York). The acquisition significantly expanded TD Banknorth’s presence in both Connecticut and New York and extended the franchise into northern New Jersey and Philadelphia as well. FUJITSU Amilo Mini Ui 3520 Laptop Keyboard TD Banknorth announced acquisition of Interchange Financial Services Corp in April 2006, adding 30 branches in Bergen and Essex counties of New Jersey. In January 2006, the company finalized acquisition of Boothby & Bartlett Company, a central Maine insurance agency in Waterville. HP Pavilion dv5-1104tu Laptop Keyboard Banknorth added a sister company, TD Ameritrade, which was formed after the Ameritrade Holding Corporation acquired TD Waterhouse USA from Toronto-Dominion Bank in 2006. On November 20, 2006, TD Bank Financial & TD Banknorth entered into an agreement in which TD Bank would acquire all remaining shares of TD Banknorth held by the public for US$32.33 per share in cash. This was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TD Bank. Compaq Presario CQ71-420SO Laptop Keyboard On October 2, 2007 Toronto-Dominion announced its plans to acquire Cherry Hill, New Jersey–based Commerce Bancorp, pending shareholder and regulatory approval. The combined company was to be known as TD Commerce Bank, but in March 2008 Commerce Bank & Trust Company of Worcester, Massachusetts filed a lawsuit against TD Banknorth, to bar the bank from using the name TD Commerce Bank in its existing Massachusetts branches.[1] On May 2, 2008, federal Judge F. Dennis Saylor granted a preliminary injunction, prohibiting the use of the TD Commerce name in Massachusetts branches.[2] Toronto-Dominion then dropped plans to add the Commerce name to its banking operation and instead chose to operate all its branches as "TD Bank".HP Pavilion DV6-1128tx Laptop Keyboard TD Bank, N.A., is a national banking institution in the United States (chartered and supervised by the federal Office of the Comptroller of the Currency) which offers banking, insurance, brokerage, and investment banking services inConnecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina,Pennsylvania, South Carolina, Vermont, Virginia, and Washington, D.C. The bank is a successor to the Portland Savings Bank, ACER Aspire 5315 Laptop Keyboard which started in Portland, Maine, in 1852, and later became Banknorth.[4] The bank took its current name—TD Bank, N.A.—in 2008, through the acquisition and renaming of Commerce Bank and its subsequent merger with TD Banknorth, resulting in co-headquarters in Cherry Hill, New Jersey, and Portland, Maine.[1][4] The company is a part of The Toronto-Dominion Bank, which operates as TD Bank Group (TDBG) and is based in Toronto, Ontario, Canada. The bank's "TD" initials, first popularized in Canada, are used officially for all American operations. The bank embraces a retail approach to banking; its branches are called "stores" and have extended operation hours. ACER Aspire 5742 Laptop Keyboard On May 10, 2000—after various mergers and acquisitions—Banknorth Group Inc. of Portland, Maine ("Banknorth") came into being, as a holding company for banking and insurance activities, primarily serving the New England area of the United States. On December 31, 2001, Banknorth Group, Inc., merged its seven subsidiary banks into one bank— Banknorth NA—under the Peoples Heritage Bank charter dating back to 1852, with one OCC charter. TOSHIBA Portege 7200 Laptop Keyboard In August 2004, Toronto-Dominion Bank—which operates as TD Bank Financial Group—became the majority owner, renaming it "TD Banknorth, N.A." In connection with the transaction, Banknorth changed its name to TD Banknorth Inc. and reincorporated in Delaware. In July, 2005, TD Banknorth announced that it had acquired Hudson United Bank, based in Mahwah, New Jersey (which took over the Middletown Savings Bank locations in New York). The acquisition expanded TD Banknorth’s presence in New York and extended the franchise into northern New Jersey and Philadelphia. In April 2006, TD Banknorth announced acquisition of Interchange Financial Services Corp., adding 30 branches in the New Jersey counties of Bergen and Essex. ACER Aspire 5742 Laptop Keyboard Banknorth added a sister company, TD Ameritrade, which was formed after the Ameritrade Holding Corporation acquired TD Waterhouse USA from Toronto-Dominion Bank in 2006. On November 20, 2006, TD Bank Financial Group (TDBFG) and TD Banknorth entered into an agreement in which TDBFG would acquire all remaining shares of TD Banknorth. This was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TDBFG, with the bank's headquarters in Portland, Maine. TOSHIBA Portege 7200 Laptop Keyboard On October 2, 2007, TDBFG and Commerce Bancorp, Inc. of New Jersey announced that they had signed a definitive agreement for TDBFG to acquire Commerce Bank in a 75% stock and 25% cash transaction valued at US$8.5 billion. DELL Latitude D620 Laptop Keyboard Under the agreement, Commerce shareholders received 0.4142 shares of a TDBFG common share and US$10.50 in cash in exchange for each common share of Commerce Bancorp Inc. The consideration was negotiated on the basis of US$42.00 per share value for Commerce Bank. The transaction value, based on the October 1, 2007 closing price of TDBFG common shares, was $42.37. HP AEUT5U00010 Laptop Keyboard HP G42-415DX Laptop Keyboard Following the completion of the transaction, TDBFG expected to take a one-time restructuring charge of approximately US$490 million pre-tax. The deal closed on March 31, 2008. Commerce Bank employees were given a welcome kit with 2 TD pins (to replace the previous "C" pin worn by staff), a small bag of green M&Ms, and a brochure of the history of TDBFG.[5]COMPAQ Presario C700 Laptop Keyboard On March 20, 2008, the combined company announced it would be doing business in the United States as "TD Commerce Bank" after the merger. A TD Banknorth competitor, Commerce Bank & Trust Company, of Worcester, Massachusetts, filed a lawsuit against TD Banknorth, to bar the bank from using the name TD Commerce Bank in its existing Massachusetts branches.[6] On May 2, 2008, federal Judge F. Dennis Saylor granted a preliminary injunction, prohibiting the use of the TD Commerce name in Massachusetts branches.[7] As a result, TDBFG decided not to go forward with its original rebranding plans. Instead, it decided that the "Commerce Bank" name, red "C" logo, and red theme would be retired and the branches would carry the brand name "TD Bank," although the "America's Most Convenient Bank" tagline would remain (as was originally planned). TOSHIBA Satellite A105 Series laptop keyboard All Commerce branches became TD Bank on October 31, 2008, after a slow phasing in of the TD name, logos, and colors in the branches. As of Nov

ember 1, 2008, the Commerce Bank website redirected to the TD Bank website. At the same time, Toronto-Dominion also rebranded many of the TD Banknorth branches in the Commerce business areas as TD Bank, while closing several branches that overlapped with Commerce branches in the same area. In the TD Banknorth bank region, the rebranding occurred in September 2009,[4] which completed the merger of the two banks under the TD Bank brand name. TOSHIBA Satellite P100-188 laptop keyboard On May 17, 2010, TDBFG announced the purchase of The South Financial Group, based in Greenville, South Carolina, for $192 million. The South Financial Group owned Carolina First in North and South Carolina and Mercantile Bank in Florida. The transaction added 176 locations to TD Bank's branch network in theSoutheastern United States and expanded TD's footprint to include North Carolina and South Carolina. Both banks operated under their existing names as trade names of TD Bank, N.A., DELL Studio 1749 laptop keyboard pending the completion of the deal. Shareholders of The South Financial Group were to receive $61 million in cash, while the U.S. Treasury would receive $131 million.[8][9] The deal, approved by The South Financial Group shareholders September 28, 2010, was expected to mean a $216 million loss to taxpayers, since the company received $347 million in bailout money.[10] On September 30, 2010, TD Bank Group completed the acquisition and merged Carolina First Bank and Mercantile Bank with TD Bank, N.A.[4] The re-branding of branches occurred in June 2011.[4]HP Pavilion dv6-3032tx laptop keyboard TD Canada Trust is the personal, small business and commercial banking operation of the Toronto-Dominion Bank (TD) inCanada.[3] TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 "Green Machine" ABMs.[4]Compaq Presario CQ56-105EW Laptop Keyboard The current TD Canada Trust division was formed after TD's acquisition of Canada Trust in 2000. All new and most existing accounts are officially issued by TD Bank (Institution Number: 004), although Canada Trust (Institution Number: 509) remains a separate subsidiary entity, and remains the issuer of accounts opened at that institution prior to the merger.[5][6] Over the past year, TD has been phasing out the "Canada Trust" part of its name from its logo online, in advertisements, and on stationery. It is possible that this is a move to consolidate TD's Canadian and American (TD Bank North) retail brands, but this is unknown at this time. ACER Aspire 5742 Laptop Keyboard TD Canada Trust markets itself as having longer hours than any other major bank. Since late 2007 most branches are open 8-6 Monday to Wednesday (some until 8pm), 8-8 Thursday & Friday, and 8-4 on Saturday. Some exceptions are made for very low traffic branches. As of February 2011, over 300 branches are open 11-4 on Sundays. All branches are closed most statutory holidays. TOSHIBA NSK-TK001 Laptop Keyboard TD Canada Trust has won the only two nationally syndicated Customer Satisfaction Studies awards (Synovate and JD Power) for the last six[when?] in a row. TD Canada Trust's parent company, TD Bank Financial Group, was also recognized as one of the "Best Employers" in Canada by Mediacorp Canada Inc., publishers of the annual Canada's Top 100 Employers list.[8] SONY VAIO VGN-SZ440 Laptop Keyboard Canada Trust was formerly an independent company, originally founded in 1864 as Huron and Erie Savings and Loan Society. The company was acquired by TD Bank in 2000, which adopted the new brand name "TD Bank Financial Group". Canada Trust's retail division was merged with TD's existing retail banking operations over the course of 2000-2001 to collectively form "TD Canada Trust". Canada Trust President and CEO W. Edmund Clark was made President and COO of TD, and later ascended to President and CEO of TD Bank Financial Group in 2002. HP Pavilion dv6-3167ca Laptop Keyboard TD Customers are able to do online banking through TD's EasyWeb system. EasyWeb allows users to perform many transactions, manage bills, update personal information, manage investments, and view banking histories. Account management enables users to manage chequing, savings, and credit accounts as well as investments such as mutual funds and GICs. Banking history is stored up to 18 months online. Customers are also able to order cheques online through EasyWeb.[10] DELL Latitude D830 Laptop Keyboard With the automatic payment information, users are able to set an automatic payment to over 5000 different companies. Companies include utility companies, educational tuition, taxes, and credit cards. TD allows the user to add a number of payees, and automatic payments may be set to the desired time period and amount. Online transfers are also possible such as Interac email money transfer and foreign exchanges.  HP Mini 110-3118cl Laptop Keyboard In 2011, TD Canada Trust launched a mobile banking app for iOS, Android and BlackBerry platforms, allowing clients to perform many of the same transactions that are available through EasyWeb online banking. [11] In June 2012 , TD Canada Trust introduced a new enhanced Access Card with the new VISA Debit /Interac Flash Access Card which will allow customers to use it over the phone/online and Internationally. through the Visa network [12]ACER Aspire 5535 Laptop Keyboard The strength of the Canadian dollar and relative weakness of U.S. bank prices have led commentators to suggest that the big five banks could consider an expansion into the United States. The weakness of the Canadian dollar, as well as high U.S. bank stock prices, were commonly cited as obstacles to purchasing assets south of the border. HP 640436-001 Laptop Keyboard Due to the recent 2007 Subprime mortgage financial crisis, Royal Bank of Canada has now eclipsed Morgan Stanley in terms of market valuation. According to figures compiled by a recent Bloomberg report, investors today are willing to pay about $2.60 for every dollar of book value at a Canadian bank, compared with $1.70 in the United States. That ratio is about the reverse of where it stood in late 1999. Compaq Presario CQ57 Series Laptop Keyboard The last time the U.S. financial markets were weak, many Canadian bank CEOs were criticized for not making a more concerted buying effort. Some believed that these CEOs preferred to wait for Ottawa to bless domestic mergers before expanding into the US. The federal government ended up refusing to allow the mergers, and is unlikely to do so now. Analysts also pointed out that Canadian banks have much stronger balance sheets today than they did 10 or 15 years ago, putting them in an even better position to be aggressive.[15]SONY VAIO VGN-FS715F Laptop Keyboard In October 2007, TD purchased Commerce Bancorp, a medium sized US bank with a strong branch network in the middle Atlantic and Florida. As of March 2008, their stated plan was to merge Commerce with their existing TD Banknorth subsidiary, calling the new bank TD Commerce Bank.[16] However, the name was challenged by a "Commerce Bank" in New England. As a result, TD renamed its US banks TD Bank at end of 2009. [17] TD is the sixth-largest bank by branch network in North America, after JPMorgan, Bank of America, Wells Fargo, PNC, and US Bank. Lenovo ThinkPad Edge E520 Laptop Keyboard HP Envy 15 Laptop Keyboard The new framework includes revised ownership rules for banks and a new size-based ownership regime. Under the previous framework, a distinction was drawn between Schedule I and Schedule II banks (see Annex 1 for a list of these banks). Shares of Schedule I banks were required to be widely held, with no single shareholder or group of shareholders holding more than 10 per cent of any class of shares, while Schedule II banks could be owned by eligible Canadian or foreign financial institutions. DELL Inspiron 8500 Laptop Keyboard Under the new legislation an individual investor will now be permitted to own up to 20 per cent of any class of voting shares of a widely held bank and up to 30 per cent of any class of non-voting shares, subject only to a “fit and proper” test designed to evaluate the applicant’s character and suitability. This will allow widely held banks to enter into strategic alliances and joint ventures involving significant share exchanges. ACER Aspire 5315 Laptop Keyboard At the same time, the Bank Act will continue to prohibit control of a large financial institution by any single shareholder or group of shareholders. The Government has signalled its intention to issue guidelines that will clarify for investors and institutions the factual criteria and policy objectives to be taken into consideration in assessing control. The Government will be developing these guidelines in consultation with representatives of financial institutions and the broader investment community. HP Pavilion DV7-4053 Laptop Keyboard HP Pavilion dv6-2030ec laptop keyboard The new framework also enables banks to organize under a regulated holding-company structure that provides them with greater flexibility to compete with large specialized or unregulated firms. Both holding companies and banks structured along the traditional parent-subsidiary model are permitted to have a broader range of investments than under the previous regime. SONY VAIO VGN-NW15G/S laptop keyboard Furthermore, the previous regime of Schedule I and Schedule II banks is now replaced by a new size-based ownership regime under which: The new size-based ownership regime also allows for the creation of community-based banks with services tailored to the needs of a specific clientele. These banks will still be able to compete with the major banks in local or regional markets. The new regime also allows commercial enterprises (for example, those with a significant retail presence) to own a bank. TOSHIBA Satellite U305-S5097 laptop keyboard To encourage competition, the legislation also reduces the minimum capital requirement to start a bank from $10 million to $5 million. In support of these various initiatives, the policy framework also contains provisions to ensure that financial institutions continue to manage their risks prudently. To this end, the Superintendent of Financial Institutions has been given additional supervisory powers to deal with institutions that do not meet certain supervisory or regulatory requirements. These include the power to remove directors and senior officers of a bank in instances of misconduct, and the power to administer financial penalties against institutions and individuals that do not comply with undertakings or violate the legislation and regulations governing financial institutions. TOSHIBA Satellite L655D-S5145 laptop keyboard The framework also includes merger review guidelines that outline a formal and transparent review process for merger proposals between banks with equity in excess of $5 billion. This new process consists of a review of the merger proposal by the Competition Bureau, the Office of the Superintendent of Financial Institutions and the Department of Finance, and of a full public review by the House of Commons Standing Committee on Finance and the Standing Senate Committee on Banking, Trade and Commerce. SONY VAIO VPC-F13 laptop keyboard Bill C-8 also contains consumer protection measures as well as measures to ensure that the regulatory environment responds to the evolution of the sector in today’s rapidly changing marketplace. The Financial Consumer Agency of Canada will be established to enforce the consumer-oriented provisions of the federal financial institution statutes, to monitor the industry’s self-regulatory initiatives designed to protect the interests of consumers and small businesses, to promote consumer awareness and to respond to general consumer inquiries. This will consolidate and strengthen existing oversight activities in a dedicated new agency. SONY 148023121 laptop keyboard A new Canadian Financial Services Ombudsman was also established to handle consumer and small business complaints related to dealings with financial institutions. This independent body operates at arm’s-length from government and the financial sector, and a majority of the members of its board of directors are from outside the financial services sector. This organization eventually evolved to become the Ombudsman for Banking Services and Investments (OBSI).  TOSHIBA Satellite M35x Series laptop keyboard Additional consumer protection measures include better access to basic financial services, the provision of low-cost accounts, notice provisions for branch closures, and a broadening of the existing Bank Act provision on coercive tied selling. Moreover, federal financial institutions with equity in excess of $1 billion will be required to provide annual public accountability statements that describe their contributions to the Canadian economy and society. [18]HP Mini 210-1100SB Laptop Keyboard HP AELX7U00410 Laptop Keyboard HP Compaq NC8430 Laptop Keyboard HP G62-b18EO Laptop Keyboard

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