(Reuters) - Portland, Maine-based Banknorth posted a 28 percent drop in net income to $55.2 million on Monday for the three months ended March 31 as competition for loans and deposits in the U.S. Northeast remained stiff.
Banknorth, in which TD bought a majority stake in 2005, has struggled with slowing loan growth, competition and narrowed lending margins in recent quarters.
Read more at Reuters.com Market News
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