Carolina First Bank is letting its customers know about its impending takeover by TD Bank through a Merger Q&A. The deal comes as part of TD Bank’s acquisition of South Financial, first announced in May. The merger should be finalized later this year.

Why The Acquisition?

South Financial struggled mightily during the financial crisis, taking more than $1 billion in losses since the start of 2008. That led TD Bank to make the purchase for $61 million, not a huge number for the 1,000-location, $1.52-billion giant.

At the time of the acquisition, TD Bank CEO Ed Clark said, “This is a relatively small acquisition and exactly the kind of unassisted transaction that we’ve said we’re comfortable doing. All in all, we think we’re getting a strong franchise that offers a solid financial return.”

South Financial ran 176 bank locations, 66 of which were in Florida. The purchase expanded TD’s footprint substantially in the U.S. Southeast. Other banks affected by the merger were smaller institutions Carolina First Bank and Mercantile Bank.

Impact on Carolina First Members

The merger will mean “business as usual” for Carolina First members, according to the Q&A. Customers will be able to bank like they always have with Carolina First.

One positive effect of the deal for consumers is the addition of more than 1,000 bank locations to their network. That means they can skip out on ATM fees on the TD network when traveling along the Atlantic coast between Florida and Maine.

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  • mariano


  • dkarr

    All loyal CF banking customers will soon know the significance of the TD green…and will feel old CF blue when they realize what is in store for them!!!  For old CF customers it is no longer business as usual.  It took less than a week to see why TD is so proud of the color green!  Green is the color of TD’s bottom line from the new fees, new availability of funds policies and new bill payment policies that TD is imposing on old CF customers.  If these new TD policies are needed to produce a positive bottom line…it is easy to see why CF was so far in the red…and why old CF customers will continue to feel blue…until changing their banking relationship to a less “Green” bank.