TD Bank reveals $2B in investment losses

TD Banknorth Inc., the seventh-largest bank operating in the Albany, N.Y., area, ended 2008 sitting on $2 billion in unrealized losses in an investment portfolio that includes risky mortgage-backed securities.

The bank, part of Toronto-based TD Bank Financial Group, inherited problem securities in the 2008 acquisition of Commerce Bancorp Inc. of Cherry Hill, N.J.

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http://www.bizjournals.com/albany/stories/2009/03/02/daily8.html