The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

TD Bank commits $20B to community development

TD Bank has unveiled a three-year, $20 billion community development plan.

The Canadian bank said in a press release that the plan, developed with the National Community Reinvestment Coalition, will back lending, philanthropy and bank access in underserved communities in 15 states and Washington, D.C. 

The plan is much smaller than the five-year $50 billion plan TD Bank had committed to as part of its planned purchase of First Horizon in Memphis, Tenn. That acquisition was terminated in May.

“One of our primary objectives as a purpose-driven bank is to help power economic opportunities that help low- and moderate-income, diverse and underserved communities achieve their financial goals,” Leo Salom, TD Bank’s president and CEO, said in the release.

The new plan “is designed to achieve that vital role as we build on TD’s long-term community focus,” Salom added. 

The plan features $10 billion in mortgages and liquidity to the residential lending market, including home equity loans, and $2.8 million in small-business loans.

The pledge also includes $7.5 million of community development loans and other investments, along with $70 million in Community Reinvestment Act-related philanthropy.

TD Bank also committed to opening 15 branches in low- to moderate-income neighborhoods or majority-minority communities. The sites will include dedicated space that can be used for financial education workshops or nonprofit meetings.

Leave a Reply

Your email address will not be published. Required fields are marked *