Adventures in Banking, part 1

I have a checking account at a western Massachusetts bank called Banknorth, a New England bank.

I opened my account at Banknorth after my prior bank was bought out three times, changing from BayBank to BankBoston to FleetBoston over the course of five years. When the name changed to Fleet, I was sufficiently freaked out by this ever growing, monolithic banking business that I fled for a bank that seemed more local. (After I fled Fleet, it was gobbled up and re-named Bank of America.)

1995 - BayBank bought out by Bank of Boston, becoming BankBoston
1999 - BankBoston bought out by Fleet Financial Group, becoming FleetBoston
2004 - FleetBoston bought out by Bank of America, becoming Bank of America

It turns out my new choice, Banknorth, is smaller (as of 2005, $31.8 billion of total consolidated assets, as compared to Bank of Amercia’s $851 billion) but not exactly local anymore. Earlier this year, I received a letter informing me that Banknorth is now going by the name TD Banknorth, a subtle, almost imperceptible name and logo change.

Old Banknorth stationery:





And new stationery:





Yet, the change is significant: it turns out that, as of March 1, 2005, Banknorth sold 51% interest in itself to Toronto-Dominion Financial Group, the second largest Canadian bank! [News alert! I was just informed that Boston's Fleet Center, a huge sports/music arena, was recently renamed the TD Banknorth Garden.] I feel oh-so-uncomfortable with this logo/ letter-head changing experience and with being part of a monolithic banking venture. I admit: I am wary of change. But I have grounded concerns. I fear businesses and organizations around me growing bigger and bigger. I fear a few far away people having a lot of power and making decisions that affect my neighborhood. I feel suspicious.