dale w
14 years ago
Fed OKs TD Bank buy of The South Financial GroupTampa Bay Business Journal
Send this story to a friend Email address of friend (insert comma between multiple addresses): Your email address: Add a brief note:
Enter words from the security image above: Get new image | Image verificationAudio verification | reCAPTCHAβ’
PrintEmailReprintsRSS FeedsLinkedInShare CommentsRelated News
Profits rise for Toronto company set to buy Banknorth control
Progress Bank of Florida taps veteran banker for turnaround
TD Bank net income scores big gain in fiscal 2Q
Pivot3 adds $4M to funding round
Canada-based banks planning South Florida expansion
Find Executives
South Financial Group
Mercantile Bank
Toronto-Dominion Bank
The Federal Reserve Board issued an order approving the acquisition of The South Financial Group by the Toronto-Dominion Bank.
The deal would make TD Bank US Bank Holding Co. the 11th largest depository organization in Florida, controlling deposits of about $7.4 billion, or 1.8 percent of all deposits in the state. TD Bank would become the 17th largest depository organization in the United States with total consolidated assets of about $167 billion and deposits of about $134.7 billion.
TD Bank has committed to divest branches in the Palatka banking market, in northeast Florida, where it competes directly with Mercantile Bank, South Financialβs Florida banking operation, the Fed said.
TD Bank and Mercantile compete in four other Florida markets β Miami-Fort Lauderdale, Orlando, St. Augustine and West Palm Beach. But the combination of the two banks would not present a significant concentration and numerous competitors remain in those markets, the Fed said.
There are no TD banks currently in the Tampa-St. Petersburg-Clearwater market. Mercantile Bank had 17 offices, $755.7 million in deposits and a 1.32 percent deposit market share in the market as of June 30, 2009, the most recent data available from the Federal Deposit Insurance Corp.
TD Bank Financial Group (NYSE: TD), the parent company of Toronto-Dominion Bank, said in May that it would spend about $191.6 million to buy South Financial (NASDAQ: TSFG), headquartered in Greenville, S.C.
Contact the Editor Need Assistance? More Latest News
Most Read Stories
Β¦1800Hotels4U files for bankruptcy, targets wholesalers
Β¦Super Boat event aims to stir up economic activity
Β¦TIG wins $10.9M judgment against FusionStorm Tampa office
Β¦FBI: Tampa has highest concentration of mortgage fraud nationally
Β¦Florida Bank Group plans to buy Anderen Financial
Most Emailed Stories
Β¦FBI: Tampa has highest concentration of mortgage fraud nationally
Β¦Study: 246,000 Fla. businesses would qualify for health insurance help
Β¦All Liz Claiborne outlet stores to close
Β¦USF allies with Jackson Laboratory for personalized medicine
Β¦Longboat Key Club and Resort redevelopment plan moves forward
You must be logged in to post a comment. Log in or Register.
Loading comments... Problems loading Disqus?
Showing 0 comments
Sort by Popular now Best rating Newest first Oldest first Subscribe by email Subscribe by RSS
.comments powered by Disqus
bizjournals Partners City Guide Spotlight - Tampa Bay
Attractions in Tampa Bay
Cocktails in Tampa Bay
Hotels in Tampa Bay
Restaurants in Tampa Bay
Sponsored by:
Tampa Bay Real Estatepowered by LoopNet
Featured Property
Rate: $9.04-$10.62
Building Size: 35,398 SF
Use Type: Lease
More Tampa Bay Real Estate
From Beginners to Bigshots
Tips for starting your business
Β¦How to write a business plan
Β¦SBA loan program details
Search Press Releases
Β¦View all Tampa Bay Press Releases
Β¦View ALL Press Releases
Search by Company, Organization, or Keyword
Content provided by PR Newswire. Learn more about this service.
Free Research
Β¦Slide Show Webinar: Consumer Impact of Travel Site Performance
Β¦Building Your Opt-In Contact List: A Step-by-Step Guide to Collecting Em...
Β¦Saepio Distributed Marketing Series: Marketer's Guide to Exploding Brand...
Β¦The Dirtiest Word in Business.
see more whitepapers...
Search for Jobs powered by onTargetJobs
View Tampabay Jobs - 1848 jobs today
Get the latest local business news delivered to your inbox every afternoon
.Email Address
Get the Tampa Bay DailyUpdate newsletter
SITE SECTIONS
Small Business Center
Sponsored by Fairfield
Visit the Small Business Center
Entrepreneur Success Stories
Find out how they made it
Daily Update
Sign up for the Daily Update
Company Watch
Get started now powered by
Featured Tampa Bay Jobs
Β¦Controller who can provide a high level of leadership Wanted! - Corporate Fitness Works
Β¦View Open Opportunities - AT&T
Β¦Over-the-Road Truck Driver - C.R. England, Inc.
Β¦Financial Advisor - Edward Jones seeks former finance, management and sales professionals - Edward Jones
Β¦Administrator, Nurse Registry - confidential
Search Jobs | Post Resume | View More
Post a Job | Feature a Job
FEATURED RESOURCE
Post a Job & Receive a FREE Premium Salary Report
Post a job online with bizjournals.com and get a PayScale Salary Report - FREE (a $99 value)! Report contains:
Β¦Salary & Hourly Rates
Β¦Bonus & Benefits
Β¦Skills, Experience & Education
Click here to redeem this offer
FREE RESEARCH
Slide Show Webinar: Consumer Impact of Travel Site Performance
Harnessing Collective Intelligence to Improve New Product Introduction
Save 90% on PPC Reporting Time with Acquisio SEARCH
10 Steps to a Successful CRM Implementation
see more whitepapers...
Read more: Fed OKs TD Bank buy of The South Financial Group - Tampa Bay Business Journal
dale w
14 years ago
U.K.βs Centaurus Capital Reports South Financial Stake Worth $3.4M - cbl
By citybizlist Staff
GREENVILLE, S.C. -- Centaurus Capital LP has reported a 5.6 percent stake worth $3.36 million in The South Financial Group Inc. (Nasdaq: TSFG), according to an SEC filing.
The U.K. money manager said it owned 12.02 million shares in Greenville, S.C.-based South Financial, the holding company for Carolina First Bank and its Mercantile Bank division in Florida. The stake's value is based on the stock's closing price Monday of 28 cents apiece.
The London-based Centaurus' stake is held through Centauraus Capital Ltd., the general partner of Centaurus.
Form 13G filing: http://tinyurl.com/22nfzpd
Also at citybizlist, see:
The South Financial Group Agrees to Merger with TD Bank Financial Group
Bio from South Financial's Web site:
H. Lynn Harton
President & CEO
H. Lynn Harton has served as President and CEO of The South Financial Group since February 2009. He also serves as a Board member for The South Financial Group.
Mr. Harton joined The South Financial Group in January 2007 as Executive Vice President, Chief Risk and Credit Officer. In June 2008, he became the Chief Commercial Banking Officer with responsibility for state and market presidents, commercial banking, commercial real estate, corporate banking, credit, and corporate financial services (including merchant, mortgage, treasury services, and wealth management). In November 2008, he was named Interim President & CEO.
Prior to joining The South Financial Group, Mr. Harton served as Chief Credit Officer for Regions Financial and Union Planters (prior to the merger with Regions Financial). At Regions, Mr. Harton was responsible for credit risk management of a $58 billion loan portfolio for an $85 billion financial institution. Prior to joining Union Planters, Mr. Harton spent over 21 years with BB&T serving in various capacities, including Corporate Business Banking Manager, Regional Loan Administration, and Commercial Banking Manager.
Mr. Harton graduated from Wake Forest University.
Posted July 20, 2010
dale w
14 years ago
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No: 1)
THE SOUTH FINANCIAL GROUP INC
(Name of Issuer)
Common Stock
(Title of Class of Securities)
837841105
(CUSIP Number)
June 30, 2010
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 837841105
(1)Names of reporting persons. BlackRock, Inc.
This Amendment to Schedule 13G (this "Amendment")
is filed by BlackRock, Inc. ("BlackRock"). It amends
the most recent Schedule 13G filing, if any, made by
BlackRock and the most recent Schedule 13G filing,
if any, made by Barclays Global Investors, NA and
certain of its affiliates (Barclays Global Investors, NA
and such affiliates are collectively referred to as the
"BGI Entities") with respect to the subject class
of securities of the above-named issuer. As previously
announced, on December 1, 2009 BlackRock
completed its acquisition of Barclays Global Investors
from Barclays Bank PLC. As a result, substantially all of
the BGI Entities are now included as subsidiaries of
BlackRock for purposes of Schedule 13G filings.
(2) Check the appropriate box if a member of a group
(a) [ ]
(b) [X]
(3) SEC use only
(4) Citizenship or place of organization
Delaware
Number of shares beneficially owned by each reporting person with:
(5)Sole voting power
8176316
(6)Shared voting power
None
(7)Sole dispositive power
8176316
(8)Shared dispositive power
None
(9)Aggregate amount beneficially owned by each reporting person
8176316
(10)Check if the aggregate amount in Row (9) excludes certain shares
(11)Percent of class represented by amount in Row 9
3.79%
(12)Type of reporting person
HC
Item 1.
Item 1(a) Name of issuer:
-----------------------------------------------------------------------
THE SOUTH FINANCIAL GROUP INC
Item 1(b) Address of issuer's principal executive offices:
-----------------------------------------------------------------------
102 S Main St
Greenville SC 29601
Item 2.
2(a) Name of person filing:
----------------------------------------------------------------------
BlackRock, Inc.
This Amendment to Schedule 13G (this "Amendment")
is filed by BlackRock, Inc. ("BlackRock"). It amends
the most recent Schedule 13G filing, if any, made by
BlackRock and the most recent Schedule 13G filing,
if any, made by Barclays Global Investors, NA and
certain of its affiliates (Barclays Global Investors, NA
and such affiliates are collectively referred to as the
"BGI Entities") with respect to the subject class
of securities of the above-named issuer. As previously
announced, on December 1, 2009 BlackRock
completed its acquisition of Barclays Global Investors
from Barclays Bank PLC. As a result, substantially all of
the BGI Entities are now included as subsidiaries of
BlackRock for purposes of Schedule 13G filings.
2(b) Address or principal business office or, if none, residence:
-----------------------------------------------------------------------
BlackRock Inc.
40 East 52nd Street
New York, NY 10022
2(c) Citizenship:
--------------------------------------------------------------------
See Item 4 of Cover Page
2(d) Title of class of securities:
-------------------------------------------------------------------
Common Stock
2(e) CUSIP No.:
See Cover Page
Item 3.
If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c),
check whether the person filing is a:
[ ] Broker or dealer registered under Section 15 of the Act;
[ ] Bank as defined in Section 3(a)(6) of the Act;
[ ] Insurance company as defined in Section 3(a)(19) of the Act;
[ ] Investment company registered under Section 8 of the
Investment Company Act of 1940;
[ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
[ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
[X] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
[ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
[ ] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment Company
Act of 1940;
[ ] A non-U.S. institution in accordance with
Rule 240.13d-1(b)(1)(ii)(J);
[ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing
as a non-U.S. institution in accordance with
Rule 240.13d-1(b)(1)(ii)(J), please specify the type of
institution:
Item 4. Ownership
Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified in Item 1.
Amount beneficially owned:
8176316
Percent of class
3.79%
Number of shares as to which such person has:
Sole power to vote or to direct the vote
8176316
Shared power to vote or to direct the vote
None
Sole power to dispose or to direct the disposition of
8176316
Shared power to dispose or to direct the disposition of
None
Item 5.
Ownership of 5 Percent or Less of a Class. If this statement is being
filed to report the fact that as of the date hereof the reporting person
has ceased to be the beneficial owner of more than 5 percent of the
class of securities, check the following [ x ].
Item 6. Ownership of More than 5 Percent on Behalf of Another Person
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company or Control Person.
See Exhibit A
Item 8. Identification and Classification of Members of the Group
If a group has filed this schedule pursuant to Rule 13d-1(b)(ii)(J),
so indicate under Item 3(j) and attach an exhibit stating the identity
and Item 3 classification of each member of the group. If a group
has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d),
attach an exhibit stating the identity of each member of the group.
Item 9. Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as an exhibit
stating the date of the dissolution and that all further filings with
respect to transactions in the security reported on will be filed,
if required, by members of the group, in their individual capacity.
See Item 5.
Item 10. Certifications
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing
or influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a participant
in any transaction having that purpose or effect.
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
Dated: July 08, 2010
BlackRock, Inc.
Signature: Richard F. Froio
-------------------------------------------
Name/Title Attorney-In-Fact
The original statement shall be signed by each person on whose
behalf the statement is filed or his authorized representative.
If the statement is signed on behalf of a person by his authorized
representative other than an executive officer or general partner
of the filing person, evidence of the representative's authority to
sign on behalf of such person shall be filed with the statement,
provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated
by reference. The name and any title of each person who
signs the statement shall be typed or printed beneath his signature.
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).
Exhibit A
Subsidiary
BlackRock Advisors (UK) Limited
BlackRock Institutional Trust Company, N.A.
BlackRock Fund Advisors
BlackRock Investment Management, LLC
*Entity beneficially owns 5% or greater of the outstanding
shares of the security class being reported on this
Schedule 13G.
Exhibit B
POWER OF ATTORNEY
The undersigned, BLACKROCK, INC., a corporation duly organized
under the laws of the State of Delaware, United States (the
"Company"), does hereby make, constitute and appoint each of Robert
Connolly, Howard Surloff, Edward Baer, Bartholomew Battista,
Daniel Waltcher, Karen Clark, John Stelley Denis Molleur,
Daniel Ronnen, Brian Kindelan, Nicholas Hall, Con Tzatzakis ,
John Belvin, Rick F. Froio and Matthew Fitzgerald acting severally, as
its true and lawful attorneys-in-fact, for the purpose of, from time to time,
executing in its name and on its behalf, whether the Company is acting
individually or as representative of others, any and all documents,
certificates, instruments, statements, other filings and amendments to
the foregoing (collectively, "documents") determined by such person
to be necessary or appropriate to comply with ownership or
control-person reporting requirements imposed by any United States
or non-United States governmental or regulatory authority, including
without limitation Forms 3, 4, 5, 13D, 13F and 13G and any
amendments to any of the foregoing as may be required to be filed
with the Securities and Exchange Commission, and delivering,
furnishing or filing any such documents with the appropriate
governmental, regulatory authority or other person, and giving and
granting to each such attorney-in-fact power and authority to act in
the premises as fully and to all intents and purposes as the Company
might or could do if personally present by one of its authorized
signatories, hereby ratifying and confirming all that said
attorney-in-fact shall lawfully do or cause to be done by
virtue hereof. Any such determination by an attorney-in-fact named
herein shall be conclusively evidenced by such person's execution,
delivery, furnishing or filing of the applicable document.
This power of attorney shall expressly revoke the power of attorney
dated January 11, 2008 in respect of the subject matter hereof, shall be
valid from the date hereof and shall remain in full force and effect until
either revoked in writing by the Company, or, in respect of any
attorney-in-fact named herein, until such person ceases to be an
employee of the Company or one of its affiliates.
IN WITNESS WHEREOF, the undersigned has caused this power of
attorney to be executed as of this 14th day of December, 2009.
BLACKROCK, INC.
By:_ /s/ Robert W. Doll, Jr.
Name: Robert W. Doll, Jr.
Title: Vice Chairman
dale w
14 years ago
Filed by The Toronto-Dominion Bank
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12 under the
Securities Exchange Act of 1934
Subject Company: The South Financial Group, Inc.
Commission File No.: 0-15083
This filing, which includes a press release issued by The Toronto-Dominion Bank on June 3, 2010, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and comparable βsafe harbourβ provisions of applicable Canadian legislation, including, but not limited to, statements relating to anticipated financial and operating results, the companiesβ plans, objectives, expectations and intentions, cost savings and other statements, including words such as βanticipate,β βbelieve,β βplan,β βestimate,β βexpect,β βintend,β βwill,β βshould,β βmay,β and other similar expressions. Such statements are based upon the current beliefs and expectations of our management and involve a number of significant risks and uncertainties. Actual results may differ materially from the results anticipated in these forward-looking statements. The following factors, among others, could cause or contribute to such material differences: the ability to obtain the approval of the transaction by The South Financial Group, Inc. shareholders; the ability to realize the expected synergies resulting from the transaction in the amounts or in the timeframe anticipated; the ability to integrate The South Financial Group, Inc.βs businesses into those of The Toronto-Dominion Bank in a timely and cost-efficient manner; and the ability to obtain governmental approvals of the transaction or to satisfy other conditions to the transaction on the proposed terms and timeframe. Additional factors that could cause The Toronto-Dominion Bankβs and The South Financial Group, Inc.βs results to differ materially from those described in the forward-looking statements can be found in the 2009 Annual Report on Form 40-F for The Toronto-Dominion Bank and the 2009 Annual Report on Form 10-K of The South Financial Group, Inc. filed with the Securities and Exchange Commission and available at the Securities and Exchange Commissionβs Internet site (http://www.sec.gov).
The proposed merger transaction involving The Toronto-Dominion Bank and The South Financial Group, Inc. will be submitted to The South Financial Group, Inc.βs shareholders for their consideration. Shareholders are encouraged to read the proxy statement/prospectus regarding the proposed transaction when it becomes available because it will contain important information. Shareholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about The Toronto-Dominion Bank and The South Financial Group, Inc., without charge, at the SECβs internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, when available, without charge, by directing a request to The Toronto-Dominion Bank, 15 th Floor, 66 Wellington Street West, Toronto, ON M5K 1A2, Attention: Investor Relations, 1-866-486-4826, or to The South Financial Group, Inc., Investor Relations, 104 South Main Street, Poinsett Plaza, 6 th Floor, Greenville, South Carolina 29601, 1-888-592-3001.
The Toronto-Dominion Bank, The South Financial Group, Inc., their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding The Toronto-Dominion Bankβs directors and executive officers is available in its Annual Report on Form 40-F for the year ended October 31, 2009, which was filed with the Securities and Exchange Commission on December 03, 2009, and in its notice of annual meeting and proxy circular for its 2010 annual meeting, which was filed with the Securities and Exchange Commission on February 25, 2010. Information regarding The South Financial Group, Inc.βs directors and executive officers is available in The South Financial Group, Inc.βs proxy statement for its 2010 annual meeting, which was filed with the Securities and Exchange Commission on April 07, 2010. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
--------------------------------------------------------------------------------
THE FOLLOWING IS A PRESS RELEASE ISSUED BY THE TORONTO-DOMINION BANK ON JUNE 3, 2010
TD Bank Financial Group Announces Common Share Offering
TORONTO β June 3, 2010 β The Toronto-Dominion Bank (TD Bank Financial Group or TDBFG) today announced it has entered into an agreement with a syndicate of underwriters led by TD Securities Inc. for an issue of 3,525,000 common shares, at a price of $71.00 per common share, to raise gross proceeds of $250 million.
On May 17, 2010, TDBFG announced its intention to issue approximately $250 million worth of common shares prior to the closing of The South Financial Group, Inc. transaction for prudent capital management. The issue will qualify as Tier 1 capital for TDBFG and the expected closing date is June 15, 2010. Net proceeds will be used for general corporate purposes.
The common shares will be issued by way of a prospectus supplement that will be filed with securities regulatory authorities in Canada under TDBFGβs September 29, 2008 base shelf prospectus.
The common shares to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the βU.S. Securities Actβ), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy such common shares in the United States or in any other jurisdiction where such offer is unlawful.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 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 and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, Americaβs Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the worldβs leading on-line financial services firms, with more than 6 million on-line customers. TD Bank Financial Group had CDN$574 billion in assets as of April 30, 2010. The Toronto-Dominion Bank trades under the symbol βTDβ on the Toronto Stock Exchange and New York Stock Exchange.
-30-
For more information, please contact:
Rudy Sankovic
Investor Relations
TD Bank Financial Group
416-308-7857
--------------------------------------------------------------------------------
Wojtek Dabrowski
Corporate Communications
TD Bank Financial Group
416-307-8149
Additional Information
The proposed merger transaction involving The Toronto-Dominion Bank and The South Financial Group, Inc. will be submitted to The South Financial Group, Inc.βs shareholders for their consideration. Shareholders are encouraged to read the proxy statement/prospectus regarding the proposed transaction when it becomes available because it will contain important information. Shareholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about The Toronto-Dominion Bank and The South Financial Group, Inc., without charge, at the SECβs internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, when available, without charge, by directing a request to The Toronto-Dominion Bank, 15 th floor, 66 Wellington Street West, Toronto, ON M5K 1A2, Attention: Investor Relations, 1-866-486-4826, or to The South Financial Group, Inc., Investor Relations, 104 South Main Street Poinsett Plaza, 6th Floor, Greenville, South Carolina 29601, 1-888-592-3001.
The Toronto-Dominion Bank, The South Financial Group, Inc., their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding The Toronto-Dominion Bankβs directors and executive officers is available in its Annual Report on Form 40-F for the year ended October 31, 2009, which was filed with the Securities and Exchange Commission on December 03, 2009, and in its notice of annual meeting and proxy circular for its most recent annual meeting, which was filed with the Securities and Exchange Commission on February 25, 2010. Information regarding The South Financial Group, Inc.βs directors and executive officers is available in The South Financial Group, Inc.βs proxy statement for its most recent annual meeting, which was filed with the Securities and Exchange Commission on April 07, 2010. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
dale w
14 years ago
press release
May 17, 2010, 11:13 a.m. EDT · Recommend · Post:
Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of South Financial Group Inc. - TSFG
NEW YORK, May 17, 2010 (BUSINESS WIRE) -- Levi & Korsinsky is investigating the Board of Directors of South Financial Group Inc. ("South Financial" or the "Company") (NasdaqGS: TSFG) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to TD Bank Financial Group ("TD Bank") /quotes/comstock/13*!td/quotes/nls/td (TD 69.52, -1.37, -1.93%) . Under the terms of the transaction, shareholders will receive, at each shareholder's election, $0.28 in cash or 0.004 shares of TD Bank common stock per TSFG common share for a total of approximately $61 million in cash or TD Bank common stock (based on TD Bank's closing stock price on May 14, 2010). In addition, immediately prior to completion of the merger, the United States Department of the Treasury will sell to TD Bank its $347 million of TSFG preferred stock and the associated warrant acquired under the Treasury's Capital Purchase Program and discharge all accrued but unpaid dividends on that stock for total cash consideration of approximately $130.6 million.
The investigation concerns whether the South Financial Board of Directors breached their fiduciary duties to South Financial stockholders by failing to adequately shop the Company before entering into this transaction and whether TD Bank is underpaying for South Financial shares, thus unlawfully harming South Financial stockholders. In particular, the offer price is below the $0.65 share price that South Financial stock closed at on May 14, 2010 and below the $0.99 share price that the Company's stock traded at as recently as April 15, 2010. Also, at least one analyst set a price target for South Financial stock at $3.50 per share and the median target set by analysts is $0.88 per share.
If you own common stock in South Financial and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/south-financial-group-tsfg.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
SOURCE: Levi & Korsinsky
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
Tel: 212-363-7500
Fax: 212-363-7171
www.zlk.com
Copyright Business Wire 2010
Most Popular
Most readMost commented 1.More homeowners opt to quit paying mortgage
2.Stock futures slip on Lowe's downbeat forecast
3.The second debt storm hits nations
4.Siphon tube successfully placed in Gulf well pipe
5.Abandoning Treasurys for safer bets overseas
Price rollback in U.S. economy More homeowners opt to quit paying mortgage Stock futures slip on Lowe's downbeat forecast Hong Kong shares sell off across the board Japan shares fall; pharmaceuticals among decliners
Find a Broker Partner Center »
/quotes/comstock/13*!td/quotes/nls/td Toronto-Dominion Bank (The) (TD) /marketstate/country/US The market is open11:42:30 am The market is closed11:42:30 am $ 69.52 Change -1.37 -1.93%
Volume 367,316 Real time quotes Add to portfolio TD Find a Broker Create alert
Featured Stories
Stock futures slip on Lowe's downbeat forecast
U.S. stock futures slip on disappointment over home improvement retailer Lowe's forecast.
Abandoning Treasurys for safer bets overseas
Investors have begun to question whether the U.S. Treasury bond market can still enjoy its generations-long...
Siphon tube successfully placed in Gulf well pipe
BP reports that it's inserted a tube into the broken pipe leaking oil into the Gulf of Mexico and that some...
More homeowners opt to quit paying mortgage
βStrategic defaultsβ are on the rise as more borrowers who are underwater on their home loans decide itβs...
Microsoft may have to fight for place on tablets
Growth of devices may leave Windows juggernaut out in the cold.
More
BigCharts Virtual Stock Exchange WSJ Asia WSJ Europe WSJ Portuguese WSJ Spanish WSJ Chinese WSJ JapaneseWSJ RadioFinancial NewsWSJ LIFESTYLE BRANDSWSJstoreWSJwine
SEARCH
11:41 AM EDTMay 17, 2010
/marketstate/country/us
New York
Open/marketstate/country/uk
London
Closed/marketstate/country/jp
Tokyo
Closed/marketstate/country/us
/marketstate/country/uk
/marketstate/country/jp
View All Latest News
/news/latest
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17670911:38aEuro trims loss after hitting 4-year low
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17670711:37aEuro a failure? You could make the case
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17670611:34aU.S. stocks slide for third straight session
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17670411:31aCrude oil accelerates losses, trades below $70
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17670311:29aECB to mop up $21 billion from gov't bond buys
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17670011:26aMonday's biggest gaining and declining stocks
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17670211:26aKey U.K., Dutch airports re-open after ash hit
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17669811:20aBREAKING
Oil falls below $70 a barrel
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17669711:19aGM swings to first profit in three years
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17669611:03aCrude contract slides under $71 a barrel
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17669010:47aGold futures reverse direction to post gains
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17668810:29aTech stocks try tentative steps forward
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17668510:27aEnergy stocks stumble on weak crude
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17668710:27aFinancials weaken as broader market drifts
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17668310:24aBP, Shell help British shares to climb
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17668110:23aResearchers study underwater oil plumes from spill
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17668010:18aInternational buying of U.S. assets soars in March
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17667910:17aOil producers, banks lead Europe stocks higher
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17667710:16aECB special tender to withdraw bond-buy liquidity
8c077dc4-5ad2-4f73-b9c3-a381c5fece05:17667610:13aNovo Nordisk a star amid stodgy pharmaceuticals
Loading more headlines...
dow
/quotes/comstock/10w!i:dji/delayed
10,557-63.11
-0.59%nasdaq
/quotes/comstock/10y!i:comp
2,337-10.29
-0.44%s&p 500
/quotes/comstock/21z!i1:in\x
1,129-6.42
-0.57%Commentary
12413232000001241323200000Car Review
2010 Mitsubishi Outlander
The addition of a few refining touches to serious midsize muscle lets this well-equipped, comfortable SUV hold its own with any vehicle in the segment.77135
12389184000001270454400000Commodities Corner
MYRA P. Saefong
Gold isn't all that glitters
Silver is sparkling, outpacing gold's gains in recent months. But in the long term, it's still significantly underperforming the pricier precious metal.77059
12476376000001247688000000Economy and Politics
Endangered species
Year's first batch of primaries will show depth of voters' anger at Congress. Among the most-threatened incumbents: Pennsylvania Sen. Arlen Specter (left), who has been in office 29 years./conga/kiosk/economy-politics.html 77072
12457584000001277380800000Real Estate
amy hoak's home economics
Homeowners choose to default
As more underwater borrowers decide itβs not worth staying current on monthly payments, the risk of future repercussions is mounting.
/conga/kiosk/real_estate.html 77200
12562632000001256263200000Video
The ash is back
Europeans face new travel troubles on land and in the air as the volcanic ash cloud drifts back over the continent.
β’ Latest: Heathrow, Gatwick reopen /conga/kiosk/video3.html 77295
12553992000001255399200000ETF Investing
John Spence
Gold ETF hits record
SPDR Gold Shares assets set to hit $50 billion as investors seek gold's safety amid turmoil in global financial markets./conga/kiosk/wildcard4.html 77147
1266368400000
1266368400000
Commentary
Todd Harrison
Europe's war on capitalism
As European leaders take aim at the free markets in the wake of the latest mini-crash, we risk profoundly greater losses if they're successful. /conga/kiosk/commentary2.html 77142 12663684000001266368400000Mutual Funds
Chuck Jaffe
'Flash crash' sheds light
In a volatile market, one investor's bargain is another's loss.
β’ Mutual funds were protected /conga/kiosk/commentary3.html 77160
MarketWatch.com Site Index
Topics
Help
Feedback
Newsroom Roster
Media Archive
Premium Products
Mobile
Podcasts
RSS
MarketWatch on Facebook
MarketWatch on Twitter
Company Info
Code of Conduct
Corrections
Advertising Media Kit
Advertise Locally
License our Content
WSJ.com
Barron's Online
BigCharts
Virtual Stock Exchange
All Things Digital
MarketWatch Community
Financial News Online
WSJ.com Small Business
FINS.com - Propel your career
Copyright © 2010 MarketWatch, Inc. All rights reserved.
By using this site, you agree to the Terms of Service and Privacy Policy.
Intraday Data provided by Thomson Reuters and subject to terms of use. Historical and current end-of-day data provided by Thomson Reuters. Intraday data delayed per exchange requirements. Dow Jones Indexes (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ.β More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Dow Jones Indexes(SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by Comstock and is at least 60-minutes delayed. All quotes are in local exchange time. Real-time last sale data provided by NASDAQ.