Who Owns TD Bank?
TD Bank is the retail banking brand of TD Bank, N.A., wholly owned by Toronto-Dominion Bank (NYSE/TSX: TD). Launched under its current name in 2009 after the TD Banknorth-Commerce Bank merger, it operates approximately 1,100 branches from Maine to Florida. In September 2026 it announced plans for 100 new branches by 2028 while remaining under a $434 billion asset cap imposed after its 2024 money laundering guilty plea.
Parent Company
Acquired
2008
Status
Publicly Traded
Headquarters
TD Bank Timeline
Who Owns TD Bank?
- Parent Company: TD Bank, N.A.
- Ownership Type: Subsidiary
- Acquisition Year: 2008
- Company Type: Privately Held
| Brand | Parent Company | Ownership Type |
|---|---|---|
| TD Bank | TD Bank, N.A. | Subsidiary |
History of TD Bank
- Founded: 1852
- Founders: Portland Savings Bank (predecessor)
- Acquired by TD Bank, N.A.: 2008
The lineage runs through Portland Savings Bank, founded in Maine in 1852, which became Peoples Heritage Bank and then Banknorth, a New England consolidator. TD Bank Group bought into Banknorth in 2004 and took full control in 2007.
Commerce Bank, founded by Vernon Hill in 1973 in Cherry Hill, New Jersey, revolutionized U.S. retail banking with extended hours, weekend service, free coin counting, and a retail-store mentality. TD acquired Commerce in 2008 for about $8.5 billion and merged it with TD Banknorth, launching the unified TD Bank brand in 2009 with the "America's Most Convenient Bank" positioning drawn from Commerce's playbook.
The brand's darkest chapter arrived October 10, 2024, when TD Bank pleaded guilty to money laundering conspiracy and Bank Secrecy Act failures, paying ~$3.09 billion and accepting a $434 billion asset cap and independent monitorship after regulators found drug traffickers and fentanyl-money networks had exploited its compliance gaps.
As of September 2026, the brand is in recovery mode: AML remediation has entered its validation and sustainability phase, fiscal 2026 remediation spending was guided to $550 million, and the bank announced 100 new branches through 2028 concentrated in the Northeast, Florida, and the Carolinas.
About TD Bank, N.A.
Is TD Bank a subsidiary of a bigger company?
Yes. TD Bank, N.A. is the U.S. banking subsidiary of Toronto-Dominion Bank, Canada's second-largest bank, headquartered in Toronto and listed on the NYSE and TSX under TD.
Is TD Bank publicly traded?
Not separately. Parent TD Bank Group trades under TD on the NYSE and TSX.
When was TD Bank founded?
The U.S. charter traces to Portland Savings Bank (1852). The modern TD Bank formed in 2008-2009 when TD Banknorth combined with Commerce Bank.
Who owns TD Bank in 2026?
Toronto-Dominion Bank wholly owns TD Bank. Leo Salom heads U.S. banking; Raymond Chun leads TD Bank Group.
Why is TD Bank under an asset cap?
In October 2024, TD pleaded guilty to AML program failures and money laundering conspiracy, paying ~$3.09 billion. The OCC capped combined U.S. bank assets at $434 billion with an independent monitor until remediation is validated.
Is TD Bank still expanding?
Yes. In September 2026 the bank announced 100 new branches through 2028, focused on the Northeast plus Florida and the Carolinas, subject to regulatory approval.
- Founded: 1852
- Headquarters: Cherry Hill, New Jersey, USA
- Company Type: Privately Held
- Revenue: Approximately $12 billion (U.S. retail segment, FY2025)
- Employees: Approximately 28,000
Where Is TD Bank Made / Based?
- Headquarters: Cherry Hill, New Jersey, USA
TD Bank Categories & Tags
TD Bank Recalls & Controversies
The brand carries the weight of the 2024 AML scandal, the largest such bank failure in U.S. history by plea status. Prosecutors documented failures to monitor over $18 trillion in transactions and accounts exploited by criminal networks. The case triggered congressional hearings, monitor oversight, and sustained reputational repair efforts.
Consumer-facing controversies include a 2020 CFPB penalty for inaccurate consumer credit reporting and periodic overdraft-fee criticism common to big retail banks. Branch closures under optimization programs have drawn local objections in legacy markets.
TD Bank Ownership: Pros & Cons
Advantages
- +Deepest East Coast branch convenience proposition
- +TD Bank Group's capital strength and stability
- +Top-three deposit share in core Northeast metros
- +Approved 100-branch growth path despite asset cap
- +Rebuilt AML platform approaching validation phase
Considerations
- -Asset cap freezes balance-sheet growth until regulators certify compliance
- -Historic guilty plea is a durable reputational weight
- -Remediation spend and monitorship compress profitability
- -Cannot open non-branch businesses or certain products under order
- -Dependent on Canadian parent's appetite for U.S. investment
Frequently Asked Questions About TD Bank
Sources & Further Reading
Competitors to TD Bank
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Bank Of America | USA | 1998 | Mass market | United states | Unisex | |
| Capital One | USA | 1994 | Mass market | United states | All Genders | |
| Charles Schwab | USA | 1971 | Mass market | United states | All Genders | |
| Capital One | USA | 1986 | Mass market | United states | All Genders | |
| Pnc | USA | 1852 | Market leader | United states | All-ages | |
| Truist Financial | USA | 2019 | Mass market | United states | All Genders |
Learn More About Competitors
Finance FintechBank of America
Owned by Bank of America Corporation
Consumer and commercial banking brand serving roughly 70 million clients through approximately 3,500 financial centers and industry-leading digital banking.
bankingconsumer-bankingretail-bank
Finance FintechCapital One
Owned by Capital One Financial Corporation
Capital One is the flagship consumer banking and credit card brand of Capital One Financial, the largest U.S. card issuer behind Venture, Savor, Quicksilver, and Capital One Cafes.
credit-cardsbankingfintech
Finance FintechCharles Schwab
Owned by The Charles Schwab Corporation
American brokerage and wealth management brand serving 38.5 million active accounts and $11.90 trillion in client assets, flagship of The Charles Schwab Corporation.
brokerageinvestingwealth-management
Finance FintechDiscover
Owned by Capital One Financial Corporation
Discover is the credit card and payments network brand acquired by Capital One in May 2025, spanning Discover Card, the Discover Global Network, PULSE debit, and Diners Club.
credit-cardspayment-networkbanking
Finance FintechPNC Bank
Owned by The PNC Financial Services Group, Inc.
Consumer and commercial banking brand of The PNC Financial Services Group, operating a national branch network and digital platform across the United States.
bankingretail-bankingcommercial-banking
Finance FintechTruist
Owned by Truist Financial Corporation
American banking brand launched in 2019 for the BB&T and SunTrust merger, serving millions of clients through roughly 1,900 branches.
bankingretail-bankingfinancial-services
Competitive Analysis
Market Positioning: TD Bank competes with 6 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
Independent Alternatives to TD Bank
Looking for brands with different ownership structures? These similar brands are not owned by TD Bank, N.A., giving you alternative choices that support different corporate structures.
Finance FintechBank of America
Owned by Bank of America Corporation
Consumer and commercial banking brand serving roughly 70 million clients through approximately 3,500 financial centers and industry-leading digital banking.
bankingconsumer-bankingretail-bank
Publicly Traded
Bank of America operates independently without a large parent corporation.
Finance FintechCapital One
Owned by Capital One Financial Corporation
Capital One is the flagship consumer banking and credit card brand of Capital One Financial, the largest U.S. card issuer behind Venture, Savor, Quicksilver, and Capital One Cafes.
credit-cardsbankingfintech
Publicly Traded
Capital One operates independently without a large parent corporation.
Finance FintechCharles Schwab
Owned by The Charles Schwab Corporation
American brokerage and wealth management brand serving 38.5 million active accounts and $11.90 trillion in client assets, flagship of The Charles Schwab Corporation.
brokerageinvestingwealth-management
Publicly Traded
Charles Schwab operates independently without a large parent corporation.
Finance FintechDiscover
Owned by Capital One Financial Corporation
Discover is the credit card and payments network brand acquired by Capital One in May 2025, spanning Discover Card, the Discover Global Network, PULSE debit, and Diners Club.
credit-cardspayment-networkbanking
Publicly Traded
Discover is owned by Capital One Financial Corporation, a public company, a different structure than TD Bank's parent.
Finance FintechWells Fargo Bank
Owned by Wells Fargo & Company
Flagship retail and commercial banking brand of Wells Fargo, serving tens of millions of customers through approximately 4,000 branches and 11,000 ATMs nationwide.
bankingretail-bankchecking
Publicly Traded
Wells Fargo Bank is owned by Wells Fargo & Company, a public company, a different structure than TD Bank's parent.
Finance FintechWells Fargo Auto
Owned by Wells Fargo & Company
Auto lending division of Wells Fargo providing dealer-financed car loans and lease-related financing through thousands of dealership relationships nationwide.
auto-loanscar-financingdealer-financing
Publicly Traded
Wells Fargo Auto is owned by Wells Fargo & Company, a public company, a different structure than TD Bank's parent.
Jobs at TD Bank, N.A.
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