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Toronto-Dominion Bid on 'A Number' of U.S. Assets

By Sean Pasternak Bloomberg BusinessWeek
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March 30/2010 (Bloomberg) -- Toronto-Dominion Bank, Canada's second-largest lender, bid on U.S. bank assets recently, although none ended in a transaction, Chief Executive Officer Edmund Clark said.

"We bid on a number of situations; haven't won," said Clark, 62, speaking to investors today at a conference in Montreal sponsored by National Bank Financial. "Probably haven't been as aggressive as we should have been."

Clark didn't specify any of the bank assets during his presentation. In November, Chief Financial Officer Colleen Johnston said the bank bid on BankUnited Financial Corp. of Coral Gables, Florida.

Toronto-Dominion, which has spent more than $15 billion on U.S. acquisitions in the last five years, reiterated that the bank would consider buying banks assisted by the Federal Deposit Insurance Corp., as well as non-FDIC deals for banks with assets of as much as $10 billion.

Clark said last week that Toronto-Dominion, which has 1,000 branches in the U.S. under the name TD Bank, doesn't need to make any more acquisitions to expand south of the Canadian border, and will add about 30 new branches there a year.

Clark said the possibility of Canadian bank mergers, which have been banned by the federal government since 1998, a "dead issue" in the aftermath of the biggest financial crisis since the Great Depression.

--With assistance from Mary McNeill in New York. Editor: David Scanlan

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

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