The TD Bank Financial Group of Canada, taking further its march in the American banking sector, acquired the operations of as many as three failed financial establishments in Florida.

Regulators took control of a total of 8 banks, marking 50 failed banks so far during the year. In addition to the three establishments in Florida, they shut down two in Michigan and Massachusetts that reflected the first failures of the ongoing year in the said two states.

In addition, two were shuttered in California and one in Washington.

"The acquisitions add quality stores to our existing retail network in target markets, allow us to accelerate our organic growth in Florida by five years, and come with limited downside credit risk", said Ed Clark, chief executive and president of TD.

In Florida, TD took control of the banking operations of AmericanFirst Bank in Clermont, First Federal Bank of North Florida in Palatka and Fort Pierce's Riverside National Bank of Florida.

The deals have come about two years after TD managed to substantially boost its American presence by taking over Commerce Bancorp Inc., of Cherry Hill, N. J., which already has a significant presence in Florida.