TD Bank makes bid to grow in Fla
TD Bank has made a bid to acquire Florida's largest bank, according to the Miami Herald.
TD Bank, which was created after Portland-based TD Banknorth acquired Commerce Bank in New Jersey, has joined with New York investment firm Goldman Sachs to bid on Coral Gables, Fla.-based BankUnited Financial Corp., which has 85 branches in Florida and assets of about $14 billion. The FDIC is overseeing the sale of the bank, which recently reported its troubled home mortgage loans rose to $1.98 billion, the Miami Herald reported.
TD Bank, which has about 30 branches in Florida, is not assured the winning bid. Other bidders on the troubled bank include New York investment firm J.C. Flowers & Co. and a group of private equity firms led by New York-based WL Ross & Co.
Calls to TD Banknorth's headquarters in Portland were forwarded to its parent company, Toronto-based TD Bank Financial Group. Nick Petter, a spokesman for TD Bank, said the bank has no comment.
Read the article from the Miami Herald >>
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