Daily News: September 19, 2017

TD Bank Completes Scottrade Acquisition


TD Bank completed its acquisition of Scottrade Bank, a federal savings bank wholly owned by Scottrade Financial Services, for cash consideration equal to approximately $1.4 billion.

TD Ameritrade Holding also completed its previously announced acquisition of Scottrade Financial Services. In connection with the acquisitions, TD has agreed to accept sweep deposits from Scottrade clients and has completed the previously announced acquisition of approximately 11 million shares from TD Ameritrade.

“We are very pleased to complete this transaction, further strengthening our relationship with TD Ameritrade,” said Bharat Masrani, group president and CEO, TD Bank Group.