TSFG shareholders approve TD merger

09/28/2010

South Financial Group shareholders Tuesday approved the company’s merger with TD Financial Group.

Out of more than 360,000,000 votes entitled to be cast at the special meeting, held in Greenville, 237,235,372, or 66 percent, were cast in favor of the merger, according to information filed with the US Securities and Exchange Commission.

Final approval by Canadian authorities is expected soon and the deal should close this week, South Financial officials said. South Financial is the parent company of Carolina First Bank.

South Financial Chief Executive Lynn Harton told the Greenville News after the meeting that he will have expanded responsibilities with the combined banking unit and he expects the company to create a regional hub here.

In May, South Financial, the parent of Carolina First Bank, announced it would be acquired by TD for 28 cents a share.

As recently as early 2008, TSFG was trading for $17 a share. South Financial has lost more than $1.7 billion over the past two-plus years, including $400 million during 2010.

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