TD Bank buys three failed Florida banks

PORTLAND — TD Bank bought three failed Florida banks from the Federal Deposit Insurance Corp. late Friday, the company said.

TD Bank, based in Portland and Cherry Hill, N.J., purchased Riverside National Bank of Florida, with 58 branches, First Federal Bank of North Florida, with eight branches, and AmericaFirst Bank, with three locations. The purchases also give TD Bank another 80 ATMs in Florida.

“These acquisitions give us an even stronger footprint in the key, fast-growing Florida market, increasing our presence to about 100 locations,” said Bharat Masrani, TD Bank’s president and chief executive officer.

The deal gives TD Bank another $3.8 billion in assets and loans of $2.1 billion, which are covered by a loss-sharing agreement with the FDIC. Under that agreement, the FDIC will cover half of any loan losses up to a total of $518 million apportioned among the three banks and 80 percent of any losses beyond that threshold.

TD Bank now has $152 billion in assets and branches from Maine to Florida.

Staff Writer Edward D. Murphy can be contacted at 791-6465 or at:

[email protected]

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