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TD plans to raise $1.2 billion by issuing 30.4 million shares of its common shares at $39.50.
TD reported losing $272 Million (C$ 350 million) for Q4 08. The bank claims the losses were due to reduced trading revenues due to the credit crisis. TD still promised C$ 4 billion ($ 3.12 billion) in retail banking earnings for 2008.
TD Bank Financial Group announced that it will acquire Commerce Bancorp Inc. for $8.5 billion in cash and stock. As a result of the acquisition, the bank’s earnings per share will decline by 28 cents in 2008 and 22 cents in 2009. This expected decline in profits resulted in a fall in the bank’s stock price.