TD Bank Consolidates Banking Teams

TD Bank is combining its corporate and specialty banking teams to create a new commercial banking group.

The move by the US subsidiary of Toronto-Dominion Bank will see the corporate and specialty banking teams – including asset-based lending, equipment finance, institutional healthcare and higher education, commercial real estate, and global trade finance – join the commercial organization.

TD Bank’s commercial arm previously encompassed middle market, community and small business lending, deposits, treasury management, and point of sale solutions for companies within the group’s Maine to Florida footprint.

The bank said the new entity would help “drive growth, deliver a better client and colleague experience and create efficiencies”.

Chris Giamo, head of commercial banking, will lead the newly formed business. Marla Willner, who had led the bank’s corporate and specialty bank, will take on a new role leading commercial credit management for TD as well as other strategic initiatives.

Giamo said: “This is an exciting opportunity to drive growth in our commercial banking division through highly competitive service lines and market expertise while delivering more of TD Bank to our more than nine million customers across commercial and consumer banking.”

In its financial results for the fourth quarter of its financial year (ended October 31, 2020), TD Bank reported earnings of $5.14 billion or $2.80 per diluted share, up from $2.86 billion or $1.54 per diluted share the previous year.

Revenue totalled $11.84 billion, up from $10.34 billion in the same period a year earlier.

Elsewhere, TCF National Bank subsidiary TCF Capital Solutions has acquired BB&T Commercial Equipment Capital (CEC) from Truist.

The small-ticket equipment leasing and finance business brings with it a portfolio of approximately $1 billion of equipment finance leases and loans.

Bill Henak, senior executive vice president of TCF Specialty Finance, said CEC was “very complementary and consistent with the TCF Capital Solutions business model”.

“The small-ticket equipment financing business is evolving quickly and TCF, with its long track record in the business, is well-positioned to deliver expertise and scale to benefit CEC clients and CEC teammates joining the company,” added Mike Maguire, senior executive vice president at Truist.