TORONTO, Oct. 29 /CNW/ - First Nations Bank of Canada (FNB) and TD Bank
Financial Group (TDBFG) today announced that FNB has recently completed a
private placement with investors. The proceeds of the private placement will
be used to fund the growth of FNB and will result in the dilution of TD's
ownership in FNB from approximately 89 per cent of voting shares to nine per
cent of voting shares. Today's announcement is a proud accomplishment for
TDBFG, FNB and the Aboriginal community as it represents the fulfillment of
the vision that launched the creation of FNB over a decade ago.
"For many years, we have worked hand-in-hand with First Nations Bank to
establish leading retail and commercial banking centres in Aboriginal
communities across Canada," said Paul Douglas, Executive Vice President,
Commercial Banking, TD Bank Financial Group. "We're very pleased with the
progress of First Nations Bank and we congratulate them on their success.
Today's announcement is a major milestone in their move to full independence."
In order to enable FNB to continue regular business operations, and to
provide FNB with the time it requires to develop its own independent
operational ability, TD has committed to providing certain banking services to
FNB in the same manner as it does today for a period of time.
"The intent from day one was to create an Aboriginal-owned and controlled
independent bank, and we're getting close, thanks in large part to the
assistance and guidance we receive from our friends at TD," said Arden
Buskell, President and COO, First Nations Bank of Canada. "We will continue to
leverage TD's expertise and experience as we complete the transition to
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. The Bank serves more than 14 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust as well as the Bank's global insurance operations (excluding
the U.S.); Wealth Management, including TD Waterhouse Canada, TD Waterhouse
U.K. and the Bank's investment in TD Ameritrade; U.S. Personal and Commercial
Banking through TD Banknorth; and Wholesale Banking, including TD Securities.
The Bank also ranks among the world's leading on-line financial services
firms, with more than 4.5 million on-line customers. The Bank had $404 billion
in assets as at July 31, 2007. The Bank is headquartered in Toronto, Canada.
The Bank's common stock is listed on the Toronto Stock Exchange and the New
York Stock Exchange under symbol: TD, as well as on the Tokyo Stock Exchange.
About First Nations Bank of Canada
First Nations Bank of Canada is a domestic, federally chartered bank with
branches in Saskatchewan, Ontario, Manitoba, Yukon and Quebec and executive
offices in Saskatoon, Saskatchewan. It offers a full range of personal and
business banking services with a primary focus on Aboriginal customers. First
Nations Bank was founded in 1996 as a strategic alliance of the Saskatchewan
Indian Equity Foundation Inc., the Federation of Saskatchewan Indians, Inc.
and TD Bank Financial Group. Services are available through its network of
branches and community banking centres and through all TD Canada Trust branch
and electronic banking channels. In addition to the founding shareholders,
Aboriginal groups from the Yukon, Saskatchewan, Manitoba, Nunavut, Northwest
Territories and Quebec have become shareholders of First Nations Bank.
For further information:
For further information: Matthew Cram, TD Bank Financial Group, (416)
983-1514; Keith Martell, Executive Chairman, First Nations Bank of Canada,