RNS Number:8566O
Toronto-Dominion Bank
19 August 2003



TD Bank Financial Group to Acquire 57 Laurentian Bank Retail Branches in Ontario
                               and Western Canada


TORONTO, Aug. 15 - TD Bank Financial Group and Laurentian Bank today announced
an agreement in principle whereby TD Bank Financial Group will acquire 57
Laurentian Bank branches in Ontario and Western Canada, subject to regulatory
approvals.

"This strategic acquisition will build on the strength of our retail operations
and supports our move towards a greater emphasis on retail earnings. It
represents a significant opportunity for TD Canada Trust to grow its franchise
and enhance its market presence in Ontario and Western Canada," said TD Canada
Trust President, Andrea Rosen. "We look forward to welcoming Laurentian Bank's
customers and employees as part of the expanded TD Canada Trust retail
operations. With the extensive knowledge we gained during the successful TD
Canada Trust merger, we will work hard to make the integration as comfortable as
possible for customers and employees alike."

Acquisition details

The agreement between TDBFG and Laurentian Bank provides for the acquisition of
57 retail branches in Ontario and Western Canada, including a loan portfolio
valued at approximately CDN$2.0 billion and a deposit portfolio valued at
approximately CDN$1.9 billion. Laurentian Bank Visa card and mutual funds are
excluded. The all-cash purchase price reflects the value of assets sold, less
liabilities assumed plus a premium of CDN$112.5 million. Subject to regulatory
approvals, the deal is expected to close on October 31, 2003. This acquisition
is expected to be slightly accretive to TDBFG's earnings in the first year.

Bringing the branches together

Following regulatory approvals, the process of converting Laurentian Bank
customers, branches and related support areas to TD Canada Trust systems and
ensuring consistent branding will begin in the spring of 2004. After that time,
TD Bank Financial Group will begin the process of merging between 40 and 50
Laurentian Bank branches with TD Canada Trust branches. It is expected that
branch mergers will result in the reduction of up to 250 positions between
Laurentian Bank and TD Canada Trust.

"Any job losses between the two organizations resulting from this transaction
should be minimal. Given the normal turnover rate in our retail branch network,
we're confident that we can limit external hiring and use attrition to minimize
job loss," noted Andrea Rosen. "Our focus remains on our customers and we
recognize that employees will be the key to ensuring a comfortable transition
for our new and existing customers," she added.

TD Bank Financial Group is committed to working with Laurentian Bank to ensure a
smooth transition for both customers and employees alike.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank
Financial Group. In Canada and around the world, TD Bank Financial Group serves
more than 13 million customers in three key businesses: personal and commercial
banking including TD Canada Trust; wealth management including the global
operations of TD Waterhouse; and a leading wholesale bank, TD Securities,
operating in a number of locations in key financial centres around the globe. TD
Bank Financial Group also ranks among the world's leading on-line financial
services firms, with more than 4.5 million on-line customers. TD Bank Financial
Group had CDN$322 billion in assets, as of April 30, 2003. The Toronto-Dominion
Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD".

                                      -30-

This news release may contain forward-looking statements, including statements
regarding the business and anticipated financial performance of TDBFG. These
statements are subject to a number of risks and uncertainties that may cause
actual results to differ materially from those contemplated by the
forward-looking statements. Some of the factors that could cause such
differences include but are not limited to legislative or regulatory
developments, competition, technological change, global capital market activity,
interest rates, changes in government and economic policy, inflation and general
economic conditions in geographic areas where TDBFG operates. These and other
factors should be considered carefully and undue reliance should not be placed
on the forward-looking statements. TDBFG does not undertake to update any
forward-looking statements.


For more information:

Dianne Salt
TD Bank Financial Group Media Relations
(416) 308-6807


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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