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TD Bank announces new co-heads of U.S. commercial banking business

The bank says Andy Bregenzer and Jill Gateman will jointly lead the operations.

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Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.

TD Bank announces new co-heads of U.S. commercial banking business Back to video

TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.

The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.

Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.

Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.

TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.

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TD Bank announces new co-heads of U.S. commercial banking business

TORONTO — Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.

TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.

The bank says the appointments follow the announcement earlier this year of Chris Giamo's retirement.

Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.

Gateman will lead TD's national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD's other specialty lending lines of business.

TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:TD)

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Canada's TD Bank names new co-heads of US commercial banking

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TD Bank names new co-heads of U.S. commercial banking

A TD Bank branch at the corner of King St W and Bay St in Toronto’s financial district on Sept 24. Fred Lum/The Globe and Mail

Canada’s Toronto-Dominion Bank TD-T on Thursday named Andy Bregenzer and Jill Gateman as co-heads of its U.S. commercial banking business, replacing Chris Giamo, who retired earlier this year.

The appointments come as Canada’s second-biggest lender shakes up its top management in preparation for expected U.S. fines stemming from regulatory scrutiny of its anti-money laundering protocols.

Last week, TD announced chief executive Bharat Masrani will leave the bank next year and hand over the top job to Ray Chun, the head of its Canadian banking unit.

The bank reported its first loss in decades in August after earmarking US$2.6-billion to cover the potentially hefty penalties.

The U.S. regulatory probes relate to allegations that Chinese drug traffickers used the bank to launder at least US$650-million from 2016 through 2021, and an employee took a bribe to facilitate laundering of drug money.

These regulatory probes come on the heels of TD Bank’s termination of its US$13.4-billion acquisition of Tennessee-based First Horizon in May, 2023, a deal that would have significantly expanded its network in the southwestern United States.

Mr. Bregenzer, a nearly 30-year industry veteran, has been with TD for two decades. In his new role, he will focus on the regional commercial banks, including small businesses, in the U.S.

Ms. Gateman will lead TD’s national commercial banking effort in the country and continue to partner with TD Securities and TD Cowen to deliver advisory and investment banking services to its commercial banking clients.

Ms. Gateman joined the Canadian lender in 2023 to lead its middle-market, asset-based and sponsor-backed finance business segments.

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TD Bank announces new co-heads of U.S. commercial banking business

By The Canadian Press

Posted Sep 26, 2024 10:57:34 AM.

Last Updated Sep 26, 2024 11:01:22 AM.

TORONTO — Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.

TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.

The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.

Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.

Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.

TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:TD)

The Canadian Press

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1 Dividend Superstar I’d Buy Over TD Bank Stock

A high-yield, high-flying small-cap stock is a more profitable option today than a top Big Bank.

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The Bank of Canada started its rate-cutting cycle in June 2024 and has lowered interest rates for the third time this month. Many market observers believe easing the monetary policy is good for bank stocks , especially Toronto Dominion Bank ( TSX:TD ).

As of this writing, the financial services sector is up 17.3% year-to-date. Unfortunately, Canada’s second-largest bank has yet to pick up steam following successive rate cuts at home and one in the United States.

While TD is above water thus far on the TSX (+4.71%) and NYSE (+2.68%), the gains are not enticing. The 4.7% dividend yield is attractive but there’s one outperforming dividend superstar I’d buy over the Big Bank stock.

High-yield, high-flyer

Timbercreek Financial ( TSX:TF ) is a dwarf compared to TD. However, performance-wise, the high-yield small-cap stock flies high. At $8.12 per share, investors enjoy a 30.4% year-to-date gain and partake in the 8.5% dividend. TD trades at $86.31 per share.  

Canada’s Big Five banks have paid dividends for more than 100 years. TD’s 167-year dividend track record lends confidence to invest in the $150.9 billion banking giant. Timbercreek’s dividend history is not lengthy, although it has never missed paying a monthly dividend since July 2016.

Business overview

The $674 million non-bank lender provides short-term (not more than five years), structured financing to commercial real estate investors. Timbercreek invests in structured mortgage loans secured by stable, income-producing commercial real estate. The properties include multi-residential, office, and retail buildings in Canada’s urban markets.

Timbercreek’s conservative lending program and business model ensures repayment or servicing of the loans and very low delinquencies. The mortgage industry faced headwinds and harsh conditions like rising interest rates and declining property prices, yet Timbercreek endured them and kept investors whole on the monthly dividend payments.

Bright outlook

In the first half of 2024 (six months ending June 30, 2024), net income declined 17.7% year-over-year to $29.7 million. Total dividend payments during the period reached $28.6 million. Timbercreek is confident real estate fundamentals will recover as inflation moderates with support from a rate-cut environment.

Notably, Timbercreek maintained conservative portfolio risk from the income-producing commercial real estate. Around 83.4% of the mortgage investment portfolio are cash-flowing properties and 85.6% are first mortgages. The weighted average loan-to-value is 62.3%.

Blair Tamblyn, Timbercreek’s CEO, said, “We continue to have success redeploying capital into high-quality loans as we expand the portfolio back to historical levels.” He adds that the rate cuts should enhance the deal flow pipeline, and increased financing opportunities are expected as transaction activity in most asset classes grows.

According to Tamblyn, the company is well-positioned to deploy capital in the current environment and grow the portfolio through the balance of the year.

Excellent backup

I’m not undermining Toronto Dominion Bank, but I still believe the well-capitalized bank is an anchor stock because of its long-term potential. However, Timbercreek Financial is a suitable and profitable option for income-focused investors. The yield is juicier than TD’s and the payout frequency is monthly. Moreover, you can earn two ways: price appreciation and dividend income.

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Corporate Information

Td bank group.

Headquartered in Toronto, Canada, with ~95,000 employees around the world, the Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). TD offers a full range of financial products and services to over 27.5 million customers worldwide through four key business lines:

• Canadian Personal and Commercial Banking  including TD Canada Trust, Business Banking, and MBNA
• U.S. Retail  including TD Bank, America’s Most Convenient Bank, TD Auto Finance (U.S.), TD Wealth (U.S.) and TD’s investment in Schwab
• Wealth Management & Insurance  including TD Wealth (Canada), TD Direct Investing, and TD Insurance
• Wholesale Banking  including TD Securities and TD Cowen

TD had CDN$1.9 trillion in assets on July 31, 2023. TD also ranks among the world’s leading online financial services firms, with more than 16 million active online and mobile customers. The Toronto-Dominion Bank trades on the Toronto and New York stock exchanges under the symbol "TD".

The Toronto-Dominion Bank is a chartered bank subject to the provisions of the Bank Act (Canada). It was formed on February 1, 1955 through the amalgamation of The Bank of Toronto, chartered in 1855, and The Dominion Bank, chartered in 1869.

Canadian Personal and Commercial Banking

Canadian Personal and Commercial Banking serves approximately 15 million customers in Canadian personal and business banking. Personal Banking provides a comprehensive suite of deposit, payment and lending products and advice through a network of 1,060 branches, 3,408 automated teller machines (ATM), mobile specialized salesforce, and telephone, mobile and internet banking services. Business Banking offers a broad range of customized products and services to help business owners meet their financing, investment, cash management, international trade, and day-to-day banking needs. Auto Finance provides flexible financing options to customers at point of sale for automotive and recreational vehicle purchases. Merchant Solutions provides point-of-sale payment solutions for large and small businesses.

TD Canada Trust

TD Canada Trust is TD Bank Group's customer-focused personal and small business banking business. Serving more than 14 million customers nationally, TD Canada Trust provides a full range of financial products and services through its retail branch network, mobile app, telephone, Internet banking, and ‘TD Green Machine’ automated banking machines.

Business Banking

Business Banking provides financial solutions to Canadian businesses of all sizes across a wide range of industries. Dedicated Business Banking Specialists deliver customized solutions to meet the unique needs of business customers. Drawing on a range of products and services including financing, deposit, investment, cash management, international trade and foreign exchange, our relationship teams provide the right tools and advice to help customers achieve their goals. Business Banking includes:

• TD Auto Finance Canada
• Small Business Banking
• Mid-Market Commercial Banking
• Commercial National Accounts and Asset Based Lending
• National Real Estate Group
• Commercial Mortgage Group
• TD Equipment Finance
• Agriculture Services
• Aboriginal Banking

MBNA is a division of The Toronto-Dominion Bank. With the MBNA portfolio, TD is a leading provider of co-branded and affinity credit card programs in Canada. MBNA MasterCard credit cards are associated with hundreds of Canadian membership organizations, credit union and financial institutions, sports associations, educational institutions and charities.

Wealth Management & Insurance

Wealth Management and Insurance serves approximately 6 million customers across the wealth and insurance businesses in Canada. Wealth Management offers wealth and asset management products and advice to retail and institutional clients in Canada through the direct investing, advice-based, and asset management businesses. Insurance offers property and casualty insurance through direct response channels and to members of affinity groups, as well as life and health insurance products to customers across Canada.

• TD Direct Investing – provides clients access to information, tools and support that empower them to invest for themselves with confidence.
• TD Wealth Financial Planning – allows clients to work with a professional Financial Planner to develop and implement a financial plan.
• TD Wealth Private Wealth Management – provides discretionary wealth management, private banking and private trust services for high net worth clients.
• TD Wealth Private Investment Advice – offers a full-service brokerage and connects clients with a professional Investment Advisor to design custom wealth strategies to meet their unique needs.

This website makes reference to Financial Planners. At TD Wealth Financial Planning, we have Associate Planners, Financial Planners and Senior Financial Planners that may help you with your planning needs. All references to Financial Planner herein, should be treated and interpreted as references to Associate Planners, Financial Planners and Senior Financial Planners.

About TD Asset Management Inc.

TD Asset Management Inc. ("TDAM"), a member of TD Bank Group, is a North American investment management firm. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $423 billion in assets. Aggregate statistics are as of June 30, 2023 for TDAM and Epoch Investment Partners, Inc. TDAM operates in Canada and Epoch Investment Partners, Inc. operates in the United States. Both entities are affiliates and are wholly-owned subsidiaries of The Toronto-Dominion Bank.

TD Insurance

TD Insurance is a part of TD Bank Group and provides these products:

• Auto Insurance
• Home Insurance
• Life Insurance
• Health Insurance
• Travel Medical Insurance
• TD Protection Plans
• Motorcycle and Recreational Vehicle Insurance
• Business Credit Life Insurance

Government regulation prevents TD Bank Group from providing a link to the TD Insurance web page but you can visit www.tdinsurance.com.

U.S. Retail

Td bank, america's most convenient bank.

TD Bank, America's Most Convenient Bank, is one of the largest banks in the U.S., providing over 10.0 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J.

TD Auto Finance (U.S.)

TD Auto Finance offers new and used vehicle financing through an extensive network of dealers across the United States.

TD Wealth (U.S.)

TD Wealth offers integrated, comprehensive and customized financial solutions to help high net worth individuals and institutions build, preserve and transition wealth. We provide expertise in Private Client services including Private Banking, Private Trust and Private Investment Counsel, and Institutional Trust services.

The Charles Schwab Corporation

On October 6, 2020, TD became the largest shareholder in The Charles Schwab Corporation (Schwab) (NYSE: SCHW) when the transaction announced on November 25, 2019 between TD Ameritrade and Schwab closed. Schwab is a leading provider of financial services which, through its operating subsidiaries, provides a full range of wealth management, securities brokerage, banking, asset management, custody and financial advisory services.

Wholesale Banking

Wholesale Banking serves over 12,000 corporate, government, and institutional clients in key financial markets around the world. Operating under the TD Securities brand, Wholesale Banking offers capital markets and corporate and investment banking services to external clients and provides market access and wholesale banking solutions for the Bank’s wealth and retail operations and their customers. Wholesale Banking’s expertise is global, supported by a presence across North America, Europe, and Asia-Pacific. The Bank’s other business activities are grouped in the Corporate segment and consist of service and control groups, including technology solutions, shared services, treasury and balance sheet management, marketing, human resources, finance, risk management, compliance, legal, and anti-money laundering, among others. Certain costs relating to these functions are allocated to operating business segments. The basis of allocation and methodologies are reviewed periodically to align with management’s evaluation of the Bank’s business segments

Learn more about our corporate organization

Corporate profile, industry profile, board chair, board members, committees of the board, executive profiles, see you in a bit.

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