Toronto-Dominion Bank, the second largest bank in Canada, will pay $3.8 billion for a 51 percent stake in BankNorth, reported Bloomberg reported on Thursday. T-D Bank also acquires a controlling share of the nearly $290 million BankNorth mutual fund family.

The BankNorth family of mutual funds consists of two equity funds and two bond funds, and are managed by the Banknorth Wealth Management Group.

Eight months ago, Toronto-Dominion ended talks to merge brokerage TD Waterhouse with E*Trade, reported Bloomberg. 

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