Acquisition

RNS Number:8567O
Toronto-Dominion Bank
19 August 2003



                                                                   PRESS RELEASE
                                                                         Embargo

TD Bank Financial Group to Acquire 57 Laurentian Bank Retail Branches in Ontario
                               and Western Canada

Montreal, August 15, 2003 - TD Bank Financial Group and Laurentian Bank today
announced an agreement in principle whereby TD Bank Financial Group will acquire
57 Laurentian Bank branches in Ontario and Western Canada, subject to regulatory
approval. This acquisition will build on the strength of the operations of TD's
retail banking arm, TD Canada Trust.

"In keeping with our move towards a greater emphasis on retail earnings, the
acquisition of the 57 Laurentian Bank branches represents a significant
opportunity for TD Canada Trust to grow its franchise and enhance its market
presence in Ontario and Western Canada," said TD Canada Trust President, Andrea
Rosen. "We look forward to welcoming Laurentian Bank's customers and employees
as part of the expanded TD Canada Trust retail operations. With the extensive
knowledge we gained during the successful TD Canada Trust merger, we will work
hard to make the integration as comfortable as possible for customers and
employees alike"

Laurentian Bank's CEO Raymond McManus explained his institution's decision as
follows: "Laurentian Bank intends to focus its energy and resources in the
fields in which it excels and the markets in which it enjoys real competitive
advantages. This transaction will enable us to increase our investment in these
markets and take advantage of business opportunities that may arise in view of
the current situation in the financial products and services industry," he
added.

Acquisition details

The agreement between TDBFG and Laurentian Bank provides for the acquisition of
57 retail branches in Ontario and Western Canada including a loan portfolio
valued at approximately $2.0 billion and a deposit portfolio valued at
approximately $1.9 billion. The all-cash purchase price reflects the book value
of assets sold, less liabilities assumed plus a premium of $112.5 million.
Subject to regulatory approval, the transaction is expected to close on October
31, 2003.

Ensuring a comfortable transition for customers and employees

TDBFG and Laurentian Bank are committed to working together to ensure a smooth
transition for employees and customers. From now until the expected closing, it
will be business as usual and no additional action or changes to existing
interactions will be required by either customers or employees.



About Laurentian Bank

Founded in 1846, Laurentian Bank ranks seventh among Canadian Schedule I banks,
with assets in excess of $18 billion. The Bank offers highly competitive
products and superior personalized service to meet the banking and financial
needs of individuals and small and medium-sized businesses, and independent
financial advisors. The Bank's common shares (ticker symbol: LB) trade on the
Toronto Stock Exchange. The address of the Bank's website is
www.laurentianbank.com.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank
Financial Group. In Canada and around the world, TD Bank Financial Group serves
more than 13 million customers in three key businesses: personal and commercial
banking including TD Canada Trust; wealth management including the global
operations of TD Waterhouse; and a leading wholesale bank, TD Securities,
operating in a number of locations in key financial centres around the globe. TD
Bank Financial Group also ranks among the world's leading on-line financial
services firms, with more than 4.5 million on-line customers. TD Bank Financial
Group had CDN$322 billion in assets, as of April 30, 2003. The Toronto-Dominion
Bank trades on the Toronto and New York Stock Exchanges under the symbol "TD".

                                      -30-

This news release may contain forward-looking statements, including statements
regarding the business and anticipated financial performance of TDBFG. These
statements are subject to a number of risks and uncertainties that may cause
actual results to differ materially from those contemplated by the
forward-looking statements. Some of the factors that could cause such
differences include but are not limited to legislative or regulatory
developments, competition, technological change, global capital market activity,
interest rates, changes in government and economic policy, inflation and general
economic conditions in geographic areas where TDBFG operates. These and other
factors should be considered carefully and undue reliance should not be placed
on the forward-looking statements. TDBFG does not undertake to update any
forward-looking statements.


For more information:

Laurentian Bank
Media Relations
Nathalie Roberge                     [phone], extension 7511
                                     Cell phone: [phone]

Investor Relations
Michael Murray                       [phone], extension 5907
                                     Cell phone: [phone]

TD Bank Financial Group
Dianne Salt                          [phone]


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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