The Financial Post reports in its Thursday edition that TD Bank's expensive foray into the United States was supposed to supercharge its growth. A Bloomberg dispatch to the Post says that instead, it has become a drag on profitability and badly dented the lender's reputation. A busted $13.4-billion (U.S.) takeover of First Horizon Corp., a money-laundering probe into its U.S. branches and anemic returns across its stateside operation, have investors turning sour on Canada's second-largest bank. Despite some positive momentum in recent weeks, its stock has way underperformed all other major Canadian banks. Those once-prized U.S. assets, which include more than 10 million customers, accounted for about 23 per cent of net income and 25 per cent of revenue in the most recent quarter. Those operations used to deliver a nice valuation premium for the stock. Now, some investors believe they are not delivering on their promise. "The U.S. is a tougher market to operate in. It's not as profitable, it's more competitive. And the relationship with the regulator is less friendly," Brian Madden at Toronto-based First Avenue Investment Counsel told Bloomberg. Mr. Madden now counts his firm as a "frustrated shareholder."