Toronto-Dominion Bank (NYSE: TD) -- or TD Bank, as most people call it -- is a giant Canadian financial institution. It has a historically high 5.3% dividend yield, which happens to be well above the 2.8% average for banks, using SPDR S Bank ETF (NYSEMKT: KBE) as a proxy. If you are a dividend investor looking for a bank stock, you should strongly consider TD Bank today. Here's why you might want to buy it -- and a couple of reasons why you might not.

TD Bank is the second-largest bank by deposits in Canada, its home market. It is the sixth-largest bank on that measure when you open up the lens to all of North America. The company is, without a doubt, an industry heavyweight. But there are two important takeaways here.

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