While every other bank in South Florida is cutting back on the bank branch locations, TD Bank is growing. The fact that they are making such a huge investment in the area clearly shows that they are bullish on the area’s growth prospects. That is encouraging and I certainly hope they are right. It could be great timing for TD, as they are almost the only game in town looking at the many corner locations that owners had hoped would be scooped up by banks paying large rents. There was a growth rise and fall of bank branches that really tapered off a couple of years ago. Many bank branches have closed. What we have seen instead of branch growth is bank growth by purchasing other banks. It seems every bank out there is doing one of 2 things; preparing to buy another bank to grow or preparing to be bought. Many banks have entered the South Florida market this way, and this is a prime time for this as many local banks are experiencing weakness from the mortgage fallout. This makes them prime purchase candidates. I look at this from a Darwinian perspective in that stronger larger banks will survive and in doing so gobble up the smaller weaker rivals who cannot compete with them on pricing, etc. The industry is consolidating and contracting in response to the rapidly changing economy and housing market. Congrats to TD for going against the grain here and I really hope it pays off for them. If it does that means very good news for South Florida.
TD Bank to expand in growing South Florida
http://www.sun-sentinel.com/business/fl-broward-td-bank-20140129,0,7974711.story
Orin Rosenfeld
President
Rosenfeld Realty Advisors
9858 Glades Rd. Suite 209
Boca Raton, FL 33434
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