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Toronto-Dominion Bank Order Approving the Acquisition of a Bank

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Toronto-Dominion Bank Order Approving the Acquisition of a Bank FEDERAL RESERVE SYSTEM The Toronto-Dominion Bank Toronto, Canada TD Banknorth Inc. Portland, Maine Order Approving the Acquisition of a Bank Holding Company The Toronto-Dominion Bank ("TD") and its subsidiary, TD Banknorth Inc. ("TD Banknorth") (collectively "Applicants"), both financial holding companies within the meaning of the Bank Holding Company Act ("BHC Act"), have requested the Board's approval under section 3 of the BHC Act [1. Footnote 1. 12 U.S.C. section 1842. End footnote.] to acquire Hudson United Bancorp and its wholly owned subsidiary, Hudson United Bank, both of Mahwah, New Jersey.[2. Footnote 2. Applicants propose to acquire the nonbanking subsidiaries of Hudson United Bank in accordance with section 4(k) of the BHC Act and the post-transaction notice procedures in section 225.87 of Regulation Y. 12 U.S.C. section 1843(k); 12 CFR 225.87. End footnote.] Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (70 Federal Register 56,166 and 57,876 (2005)). The time for filing comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act. TD, with total consolidated assets of approximately $310 billion, is the second largest banking organization in Canada. [3. Footnote 3. Canadian asset data are as of October 31, 2005, and rankings are as of July 31, 2005. Both are based on the exchange rate then in effect. Domestic assets are as of September 30, 2005, and deposit data and rankings are as of June 30, 2005. End footnote.] TD is the 39th largest depository organization in the United States, controlling $29.2 billion in deposits through its U.S. subsidiary insured depository institutions, TD Waterhouse Bank, National Association ("TDW Bank"), Jersey City, New Jersey, and TD Banknorth, National Association ("TDB Bank"), Portland, Maine. TD also operates a branch in New York City and an agency in Houston. Hudson United Bancorp, with total consolidated assets of approximately $9.1 billion, is the 74th largest depository organization in the United States, controlling deposits of $6.6 billion, which represent less than 1 percent of total deposits of insured depository institutions in the United States. On consummation of this proposal, TD would become the 34th largest depository organization in the United States, controlling deposits of approximately $35.8 billion, which represent less than 1 percent of total deposits of insured depository institutions in the United States. Interstate Analysis Section 3(d) of the BHC Act allows the Board to approve an application by a bank holding company to acquire control of a bank located in a state other than the home state of the bank holding company if certain conditions are met. [4. Footnote 4. Under section 3(d), a bank holding company's home state is the state in which the total deposits of all subsidiary banks of the company were the largest on July 1, 1966, or the date on which the company became a bank holding company, whichever is later. 12 U.S.C. section 1841(o)(4)(C). New York is the home state of TD for purposes of the International Banking Act and Regulation K. 12 U.S.C. section 3103; 12 CFR 211.22. End footnote.] For purposes of the BHC Act, the home state of TD is New York, and Hudson United Bank is located in Connecticut, Pennsylvania, New Jersey, and New York.5 [Footnote 5. For purposes of section 3(d), the Board considers a bank to be located in the states in which the bank is chartered or headquartered or operates a branch. 12 U.S.C. sections 1841(o)(4)-(7) and 1842(d)(1)(A) and (d)(2)(B). End footnote.] Based on a review of the facts of record, including a review of relevant state statutes, the Board finds that all conditions for an interstate acquisition enumerated in section 3(d) of the BHC Act are met in this case.6 In light of all the facts of record, the Board is permitted to approve the proposal under section 3(d) of the BHC Act. [6. Footnote 6. 12 U.S.C. sections 1842(d)(l)(A)-(B), 1842(d)(2)(A)-(B). TD is adequately capitalized and adequately managed, as defined by applicable law. Hudson United Bank has been in existence and operated for the minimum period of time required by applicable state law. See Conn. Gen. Stats. Ann. Ch. 666 section 36a-411 (five years). Pennsylvania and New Jersey do not have minimum age requirements applicable to the proposal. On consummation of the proposal, TD would control less than 10 percent of the total amount of deposits of insured depository institutions ("total deposits") in the United States. TD would also control less than 30 percent of total deposits in Connecticut and New Jersey, consistent with state law. See Conn. Gen. Stats. Ann. Ch. 666 section 36a-411 and N.J. Stat. Ann. 17.9A-413(2003). All other requirements under section 3(d) of the BHC Act also would be met on consummation of the proposal. End footnote.] Competitive Considerations Section 3 of the BHC Act prohibits the Board from approving a proposal that would result in a monopoly or would be in furtherance of any attempt to monopolize the business of banking in any relevant banking market. The BHC Act also prohibits the Board from approving a proposed bank acquisition that would substantially lessen competition in any relevant banking market unless the anticompetitive effects of the proposal clearly are outweighed in the public interest by its probable effect in meeting the convenience and needs of the community to be served. [7. Footnote 7. 12 U.S.C. section 1842(c)(1). End footnote.] TD and Hudson United Bancorp compete directly in the Metro New York and the Hartford and New Haven, Connecticut banking markets. [8. Footnote 8. These banking markets are described in Appendix A. End footnote.] The Board has reviewed carefully the competitive effects of the proposal in these banking markets in light of all the facts of record. In particular, the Board has considered the number of competitors that would remain in the markets, the relative shares of total deposits in depository institutions in the markets ("market deposits") controlled by TD and Hudson United Bancorp,9 [Footnote 9. Deposit and market share data are based on Summary of Deposits reports filed as of June 30, 2005, and on calculations in which the deposits of thrift institutions are included at 50 percent. The Board previously has indicated that thrift institutions have become, or have the potential to become, significant competitors of commercial banks. See, e.g., Midwest Financial Group, 75 Federal Reserve Bulletin 386 (1989); National City Corporation, 70 Federal Reserve Bulletin 743 (1984). Thus, the Board regularly has included thrift deposits in the market share calculation on a 50 percent weighted basis. See, e.g., First Hawaiian, Inc., 77 Federal Reserve Bulletin 52 (1991). End footnote.] the concentration level of market deposits and the increase in this level as measured by the Herfindahl-Hirschman Index ("HHI") under the Department of Justice Merger Guidelines ("DOJ Guidelines"),10 [Footnote 10. Under the DOJ Guidelines, 49 Federal Register 26,823 (1984), a market is considered unconcentrated if the post-merger HHI is under 1000, moderately concentrated if the post-merger HHI is between 1000 and 1800, and highly concentrated if the post-merger HHI exceeds 1800. The Department of Justice has informed the Board that a bank merger or acquisition generally will not be challenged (in the absence of other factors indicating anticompetitive effects) unless the post-merger HHI is at least 1800 and the merger increases the HHI by more than 200 points. The Department of Justice has stated that the higher than normal HHI thresholds for screening bank mergers for anticompetitive effects implicitly recognize the competitive effects of limited-purpose lenders and other nondepository financial institutions. End footnote.] and other characteristics of the markets. [11. Footnote 11. Market data for these banking markets are provided in Appendix B. End footnote.] Consummation of the proposal would be consistent with Board precedent and the DOJ Guidelines in these banking markets. After consummation, the Metro New York and New Haven banking markets would remain moderately concentrated, and the Hartford banking market would remain highly concentrated, as measured by the HHI. In each market, the increase in concentration would be small and numerous competitors would remain. The Department of Justice has reviewed the anticipated competitive effects of the proposal and has advised the Board that consummation of the proposal would not have a significantly adverse effect on competition in any of these markets or in any other relevant banking market. In addition, the appropriate banking agencies have been afforded an opportunity to comment and have not objected to the proposal. Based on all the facts of record, the Board concludes that consummation of the proposal would not have a significantly adverse effect on competition or on the concentration of banking resources in any relevant banking market and that competitive considerations are consistent with approval. Financial, Managerial, and Supervisory Considerations Section 3 of the BHC Act requires the Board to consider the financial and managerial resources and future prospects of the companies and banks involved in the proposal and certain other supervisory factors. The Board has carefully considered these factors in light of all the facts of record, including confidential supervisory and examination information from the various U.S. banking supervisors of the institutions involved, publicly reported and other financial information, information provided by the Applicants, and public comment on the proposal.
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