International Turbine Systems Inc. of South Windsor, Conn., is developing new export markets as the result of a rapidly expanding partnership with a major oil and gas production company located in Algeria.
     ITSI specializes in the supply of spare parts, engine overhauls, and engineering services worldwide for ground-based turbines used for power generation, oil and gas production, and aircraft propulsion.
     Steve Lamond, ITSI's president and owner has used long-held family generated contacts to grow his sales in Algeria. To finance more than $10 million in export sales, Lamond has effectively utilized the Export-Import Bank Working Capital Guarantee Program, export credit insurance and export documentary collections
     As a Delegated Authority Lender with Ex-Im Bank, TD Banknorth was able to quickly review and underwrite an Ex-Im Working Capital facility for ITSI. In addition, TD Banknorth also has provided standby letter of credit and documentary collections services to ITSI to help secure export orders and provide export payment risk mitigation.
     In March 2005, TD Banknorth Inc. became a majority-owned subsidiary of the Toronto Dominion Bank Financial Group. As one of the 30 largest commercial banking organizations in the United States, the bank offers comprehensive international banking solutions for importers and exporters. On July 12, 2005, the company announced it had entered into a definitive agreement to acquire Hudson United Bancorp of Mahwah, N.J.
     "This acquisition is consistent with our growth strategy and will significantly expand our franchise in both Connecticut and eastern New York, while providing us with a presence in the fast-growing markets of New Jersey and Philadelphia," says William J. Ryan, TD Banknorth's chairman, president and chief executive officer.
     Ben Schwartz, senior vice president and director of international banking at TD Banknorth, adds that "by offering traditional and innovative financing techniques, we can work with our customers to structure trade terms that minimize risk and maximize liquidity to enhance their overall competitiveness in the international marketplace."
     Moreover, says Schwartz, "we utilize the full range of international trade tools - such as wire transfers, foreign exchange contracts, foreign drafts, foreign checks, letters of credit, bankers acceptances and documentary collections, as well as lines of credit - in support of our customers who import or export."
     "A mainstay of international trade, letters of credit are valuable tools when used to settle payments in transactions for goods and services, both imported and exported. "They help protect buyers and sellers against potential error and credit risk," says Schwartz. "We tailor these instruments appropriately to fit the specific business needs of our customers for example by discounting time drafts drawn on foreign banks for which the TD group is able to assume the country and bank risk."
     The role of an international banker is constantly evolving in response to the changing global marketplace. For example, the emergence of China, India, Mexico and Brazil as major U.S. trading partners requires new solutions for managing associated risks. At the same time, traditional U.S. trading partners - Europe, Canada and Japan - still represent a large share of imports and exports. For those markets, the banking focus continues to be managing foreign exchange risk for euros, pounds, Canadian dollars and yen.
     "Companies large and small," notes Schwartz, "need to have a strong partnership with an international bank to help manage these issues in a relationship with economic benefits for both parties."
     TD Banknorth offers its customers full-service international banking capabilities. "At the same time," says Schwartz, "our community-based banking approach enables us to deliver world class customer service and customized solutions for our business customers."

More information about TD Banknorth's international banking services is available online at www.tdbanknorth.com or by contacting Ben Schwartz, 781-229-5450, bennett.schwartz@tdbanknorth.com