Tim McLaughlin writes in the Boston Business Journal that TD Bank (DDIFO Sponsor Member) is rolling out its largest U.S. initiative by opening a full-service bank center in downtown Boston, a move that will fill a big gap in its New England footprint.
The new office is designed to serve commercial lending customers while establishing a beach head for TD Bank to build market share in Boston. The investment comes as the bank rebrands its entire New England operations as TD Bank.
TD Regional President Mark Crandall said the new banking center at 200 State St. will have up to 75 people offering a full range of lending and wealth management services. The bank is taking about 21,000 square feet on the 10th floor of the downtown office building.
Crandall expects the operation to get bigger as TD hires more bankers from rival lenders. Credit turmoil inside large national banks and at regional players such as Sovereign Bank and Citizens Bank has opened the door for stable banks to win new customers.
TD Bank is owned by Toronto-Dominion Bank (NYSE: TD). The Canadian bank and its subsidiaries are collectively known as TD Bank Financial Group, which had $545 billion in assets at the end of July.
TD Bank also is ramping up its plans to open more retail branches in metro Boston. Currently, TD Bank only has a small presence inside the 128 Beltway. For example, the bank had $7.5 billion in Massachusetts deposits, as of June 30, 2008. That put the bank at No. 4 in the state. But in the immediate Boston area, the bank barely registered, given the size of the rest of its operations in New England.
Crandall said TD wants to build its Boston-area deposit base by several hundred million dollars. Ultimately, the goal is to get that total above $1 billion as TD establishes a foothold in the Boston market.
Outside of an acquisition, the Boston initiative is TD’s largest in the United States, said David Glidden, the market president for the bank.
Meanwhile, Glidden and Crandall have taken on more responsibilities as TD Bank further integrates retail and commercial lending operations. Last year, Toronto Dominion bought Cherry Hill, N.J.-based Commerce Bank to combine with TD Banknorth.
The deal created an operation with some $114 billion in assets, with operations that extend from Maine to Florida.