South Financial Group

The South Financial Group was the parent company of Carolina First, with branch locations in North and South Carolina and Mercantile Bank, with branch locations in Florida.

[2] The South Financial Group began posting heavy losses in 2008 and lost more than $1.7 billion before its sale in 2010 to TD Bank Financial Group of Toronto, Ontario, Canada.

[citation needed] In May 2010, pending shareholder and regulatory approvals, it was announced that TD Bank, N.A., which is co-headquartered in Cherry Hill, New Jersey, and Portland, Maine, planned to acquire the troubled company.

[citation needed] Over its last five-plus years, South Financial saw its stock lose 99 percent of its value.

[citation needed] In December 2008, South Financial received $347 million from the federal government as part of Troubled Asset Relief Program.