TD Banknorth's Path to Acquisition and Growth

TD Banknorth's journey to becoming a leading bank in the Northeast was marked by strategic acquisitions and a commitment to growth. In 2005, TD Banknorth acquired Commerce Bank, a move that doubled its size and expanded its presence in the region.

The acquisition was a significant milestone for TD Banknorth, allowing it to tap into Commerce Bank's extensive network of ATMs and branches. This expansion enabled TD Banknorth to offer its customers a wider range of services and a more extensive branch network.

TD Banknorth's focus on growth and innovation led to the development of new products and services, such as its online banking platform.

The history of TD Banknorth is a long and fascinating one. The company's roots date back to 1802 with the establishment of Woodstock National Bank in Vermont.

Woodstock National Bank was just one of several local Maine savings banks that would eventually come together to form Banknorth Group.

TD Banknorth's history is deeply tied to the early banking systems in Maine and Vermont.

Banking in those days was a bit different from what we're used to today - but it laid the groundwork for the financial institutions we know and trust now.

TD Banknorth's acquisition and growth story is a fascinating one. In 2004, the company was acquired by TD Bank Financial Group for $3.8 billion US, with Banknorth shareholders approving the transaction in February 2005.

This marked the beginning of a significant expansion for TD Banknorth, which would go on to acquire several other banks in the years that followed. One notable acquisition was Hudson United Bank in July 2005, which gave TD Banknorth a presence in Connecticut and New York.

TD Banknorth continued to grow through strategic acquisitions, including Interchange Financial Services Corp in April 2006, which added 30 branches in Bergen and Essex counties of New Jersey. The company also acquired Boothby & Bartlett Company, a central Maine insurance agency, in January 2006.

In 2007, TD Bank Financial and TD Banknorth entered into an agreement in which TD Bank would acquire all remaining shares of TD Banknorth held by the public for $32.33 per share in cash. This was completed on April 20, 2007, and TD Banknorth became a wholly owned subsidiary of TD Bank.

Here's a brief timeline of TD Banknorth's key acquisitions:

TD Banknorth faced several challenges in its early years, including a significant decline in deposits and a decrease in the number of branches.

The bank's acquisition of Hudson United Bank in 2004 helped to boost its presence in the New York metropolitan area.

However, the acquisition also led to a $1.3 billion goodwill impairment, which was a major setback for the bank.

The acquisition process can be daunting, with many potential pitfalls waiting to derail even the most well-planned mergers.

In the tech industry, for example, integrating two companies with different software systems can be a significant challenge.

A study found that 70% of acquisitions fail to meet their expected financial goals.

Poor communication between teams can lead to misunderstandings and delays, causing the acquisition process to drag on.

In the case of a failed acquisition, the acquiring company may end up losing millions of dollars.

Wells Fargo & Company has acquired the business of Flatiron Credit Company, Inc. and its operating subsidiaries.

Flatiron Credit Company, Inc. was founded in 1995 by Robert Pinkerton and Bruce Lundy, and it's one of the nation's largest insurance premium finance companies.

Flatiron was a subsidiary of TD Banknorth, N.A. and is the seventh largest premium finance company in the United States, originating, funding, and servicing insurance premium finance contracts for commercial property and casualty insurance.

The company has a national network of insurance agents and insurance brokers, managing general agents, and insurance companies, with offices in Denver, San Antonio, Philadelphia, Boca Raton, Boston, Chicago, and San Francisco.

Robert Pinkerton, CEO of Flatiron, said "We've become a trusted partner to our clients in the property and casualty insurance industry, becoming one of the country's largest and most dynamic premium finance companies."

Wells Fargo will now be able to provide more services to its clients in the property and casualty insurance industry, working with Flatiron's existing network of insurance agents and brokers.

The acquisition brings new opportunities for Flatiron's broker/agent clients, working with Wells Fargo's 80-plus other business lines.