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Parent Co. Lends $1B to TD Bank

BOSTON-The Canadian parent company of TD Bank is giving the troubled Boston bank the loan, according to the Boston Business Journal.

By Ryan Clark | Updated on May 08, 2009

BOSOTN-Toronto-based TD Bank Financial Group–the parent company of local TD Bank–is infusing the Boston-based affiliate with $999 million, according to the Boston Business Journal . The stumbling giant can now boost 7% of its equity capital, thanks to the extra cash.

The monies are being put toward roughly $1 billion in unrealized losses from 2008 for TD Bank, which need to be shored up to prevent a capital hit. Most of the losses are associated with Alt-A mortgage defaults.

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