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.

The U.S. entity traces to Portland Savings Bank, founded in Maine in 1852. That bank evolved into Peoples Heritage Bank and then Banknorth, which Canada's TD Bank Group acquired progressively between 2004 and 2007, creating TD Banknorth.

The defining combination came in 2008 when TD Bank Group acquired Commerce Bank, the seven-days-a-week New Jersey chain founded by Vernon Hill in 1973, and merged it with TD Banknorth. The combined bank rebranded as TD Bank in 2009, adopting the green TD shield and the convenience-first service model Commerce pioneered.

The modern chapter is defined by the anti-money laundering scandal. Federal investigations found TD Bank's U.S. compliance program failed to monitor trillions of dollars in transactions, and that criminals, including drug traffickers and a Chinese fentanyl-money network, exploited the gaps. On October 10, 2024, TD Bank, N.A. pleaded guilty to conspiring to fail to maintain an adequate AML program, failing to file accurate currency transaction reports, and laundering money, paying roughly $3.09 billion in total penalties. Regulators imposed a $434 billion asset cap, business restrictions, an independent monitorship, and a requirement that the board certify dividend payments.

Remediation has consumed the bank since. It rebuilt its U.S. AML leadership, appointed 40 officers, deployed a new transaction-monitoring platform, and raised its fiscal 2026 remediation expense guidance to $550 million. In September 2026, U.S. banking head Leo Salom announced plans to open 100 new branches by the end of 2028, focusing on existing Northeast strongholds plus Florida and the Carolinas, while cautioning the announcement did not signal remediation completion.

The October 2024 AML resolution is among the largest banking scandals in U.S. history. TD became the largest U.S. bank ever to plead guilty to Bank Secrecy Act program failures and the first U.S. bank to plead guilty to conspiracy to commit money laundering. The $3.09 billion package included a $1.8 billion DOJ criminal penalty and a $450 million OCC civil money penalty.

Regulators detailed years of failures: unmonitored transactions, unfiled currency transaction reports, and exploitation of the bank by criminal networks moving drug proceeds. The asset cap and monitor impose multi-year constraints, with the OCC able to force 7% asset reductions per year of continued noncompliance.

Beyond AML, TD Bank has faced earlier consumer-compliance actions, including a 2020 CFPB penalty over inaccurate credit reporting. The bank's turnaround narrative now centers on remediation spend, systems overhaul, and the 2026 branch expansion as a signal regulators are permitting normalized growth.