Tuesday, July 11, 2006

TD Banknorth Top Execs to Receive 2005 Bonuses After All

SNL Financial, Bree Fortney, 11 July 2006

TD Banknorth Inc. said in a Form 8-K filed July 11 that its top executives will in fact receive bonuses for 2005, despite an earlier announcement from the company that they would not.

In March, TD Banknorth said that its top five executives would not receive an annual bonus for 2005 after the company failed to achieve the targeted operating earnings per share growth.

However, TD Banknorth said in the filing that President and CEO William Ryan would receive a U$993,145 bonus, after receiving a U$303,200 bonus in 2004. Other executives to receive bonuses include COO Peter Verrill, President and CEO of the bank's mid-Atlantic division Wendy Suehrstedt, and Senior Executive Vice President Andrew Greene.

In addition, bonuses aggregating about U$954,000 were paid to certain other executive officers of the company, TD Banknorth said.

"The foregoing bonuses are intended to recognize the efforts of such officers in the successful completion of the acquisition of Hudson United Bancorp and for their significant contributions to the Company in 2005," TD Banknorth said.

The bank added that the acquisition of Hudson United increased TD Banknorth's total assets by approximately U$8.8 billion and positioned it for future growth in the mid-Atlantic region.