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First Nations Bank of Canada Completes Private Placement, Setting the Stage for Full Independence
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 independence." 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: Matthew Cram, TD Bank Financial Group, (416) 983-1514; Keith Martell, Executive Chairman, First Nations Bank of Canada, (306) 955-6734
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