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By William Hamilton
PBN Staff Writer
BARRINGTON â€“ TD Bank moved forward with its plans to expand into the Ocean State Thursday by appointing a Rhode Islander as its local president.
The $138.99 billion bank, one of the nationâ€™s 15 largest, said it will open a branch on County Road in Barrington later this year and named Robert A. Kolb of South Kingstown as its top Rhode Island executive. Kolb was previously the bankâ€™s market president for Central and Western Massachusetts.
In addition, executives say TD Bank N.A. â€“ which operates in 12 states and Washington, D.C., and is based in Portland, Maine, and Cherry Hill, N.J. â€“ plans to build more branches in Rhode Island.
â€śTD Bank is thrilled to enter Rhode Island and provide its residents and businesses with the most convenient banking services in the state,â€ť Fred Graziano, head of retail banking at TD Bank, said in a statement. â€śRhode Island is a natural extension of our existing footprint, and we feel this state presents us with great opportunities to grow our franchise.â€ť
The 1,000-branch bank already has locations in the other five New England states, including North Attleboro, Mansfield and Easton in Massachusetts.
The bankâ€™s parent, Toronto-based TD Bank Financial Group, reported a $941.8 million profit for the quarter ended Oct. 31, flat compared with the same period last year.
TD Bank N.A., the U.S. subsidiary, was formed in 2008 following the parent bankâ€™s acquisition of Commerce Bancorp Inc. in a deal valued at $8.5 billion. Since then, branches of Commerce and TD Bank Financialâ€™s TD Banknorth subsidiary have been rebranded as TD Bank.
TD Bank Financial Group said its restructured U.S. unit posted $211 million in net income in the quarter ended Oct. 31, excluding restructuring and integration costs, down 24 percent from a year earlier. The company cited higher loan losses in a tough economy.
For its initial foray into Rhode Island, TD will take the battle for customers to the competition.
The bank has sought approvals to build its first Rhode Island branch on a 40,000-square-foot lot on County Road in Barrington â€“ a spot that is next to a Bank of America branch and a short distance from Webster, Sovereign, BankNewport and Citizens locations.
In addition to Kolb, TD Bank said Louise J. Trottier, senior vice president of retail banking, will manage retail sales and service in Rhode Island. She has overseen retail banking in Northeastern, Central and Western Massachusetts.
Additional information is available at tdbank.com.