GREENVILLE (AP) -- The South Financial Group which owns Carolina First is being bought by a Canadian Bank.
TD Bank Financial Group will pay around $191 million for the Greenville based bank.
Under the agreement, TD will acquire all outstanding shares and all businesses.
The purchase of the Greenville bank announced Monday adds 176 locations to the Canadian bank's holdings in the southeastern United states.
There are around 20 Carolina First Branches here in the Midlands.
South Financial was the subject of Federal Reserve enforcement action May 4, after the bank has suffered more than $1.3 billion in losses since 1998 because of loan charges related to real estate. The enforcement action prohibits the bank from declaring or paying dividends without approval from the Fed.
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