TD Bank, Banknorth Eye Merger

TD Bank Financial Group, Toronto, and Banknorth Group, Portland, Maine, have announced that they are "holding discussions" about a possible merger transaction.Banknorth, according to the 2004 Mortgage Industry Directory, finished 2003 with $3 billion in loan originations, ranking 112th for the year. As of Dec. 31, 2003, it had a servicing portfolio of $2.7 billion, making it the 113th-largest servicer in the industry. TD Bank Financial Group is the parent of TD Canada Trust, a depository and mortgage lender north of the border. According to financial statements from TD Bank Financial, the company had C$52 billion of residential mortgages on its balance sheet as of April 30, 2004, the end of its second fiscal quarter. Another subsidiary is TD Waterhouse. A statement issued by both companies said they do not intend to make further comments until a deal is reached or negotiations end.