TD Bank Purchases Laurentian Bank Branches

On October 31, 2003, TD Bank completed its purchase of 57 bank branches located in Ontario and Western Canada from Laurentian Bank of Canada, including a loan portfolio valued at approximately $2 billion and a deposit portfolio valued at approximately $1.9 billion. The all-cash purchase price, $112.5 million, reflects the value of the assets sold, less liabilities assumed, plus a premium of approximately $112.5 million.

The TD Bank legal team was directed by in-house counsel Norie Campbell and Sayward Whiteley, and included Phil Brown, Phil Symmonds, Adam Armstrong and Christina Medland (pensions and employment), John Unger (tax) and Jay Holsten (competition) of Torys LLP.

Laurentian Bank was represented by in-house counsel Lorraine Pilon and Martin Latulippe; assisted by Ogilvy Renault, with a team that included Jean Daigle and Marc Duquette (corporate), Julie Paquette and Barn-Yen Li (real estate), Martin Rochette (pensions), Éric Gélinas and Yves St-Cyr (tax) and Jean Piette (environment).