CANADA FINANCE-Toronto-Dominion Bank CEO: Keep it simple

(This story is part of a special Reuters News package highlighting Canada's financial sector. For a complete listing of stories, click on [ID:nN19445229].)

(Repeats Reuters interview from June 1)

* Eyes Florida, rules out U.S. West and Midwest

* Will only do FDIC-assisted deals

* Says valuing U.S. assets biggest obstacle to deals

* Warns banks against playing the yield curve for profit

* To keep TD Ameritrade stake as is, never to sell

By Andrea Hopkins and Jack Reerink

TORONTO, June 1 (Reuters) - "If you're not that smart, make it that simple."

That, in a line, sums up Ed Clark's philosophy for running Toronto-Dominion Bank (TD.TO), which emerged as an industry darling last week after proving even its U.S. business could generate profit amid chaos.

Sticking to the basics, focusing on a single strategy and staying out of businesses that you can't figure out is the advice Clark offers during an interview at TD's Toronto headquarters on Monday.

"If you look at the history of the banking system, it's like they have these mad geniuses at the top who have to figure out some way to blow these institutions up every five or seven years," Clark said.

Playing a conservative game has its risks, Clark conceded, as he eyes the myriad buying opportunities that lie to Canada's south -- U.S. banking assets and institutions with low price tags and in need of a makeover.

But Canadian banks, which have remained profitable throughout the financial crisis without taking government bailout money, could let their built-in prudence get in the way of opportunity, Clark said.

"There's a real possibility that we could be excessively cautious here," said Clark, who prides himself of getting the bank out credit derivatives in 2005 before the bubble burst.

In Clark's mind, being cautious is what the job is all about: "If you want to run a bank, you don't get paid to say 'Yes,' you get paid to say 'No'."