TD Bank, which has locations in 63 Pennsylvania cities and towns, announced Wednesday it would launch a five-year Community Benefits Plan that would provide an estimated $50 billion impact to its communities across the United States.
The Community Benefits Plan, developed in coordination with the National Community Reinvestment Coalition (NCRC), would provide lending, philanthropy, banking access, and other activities for communities following its acquisition of First Horizon Corporation.
“Banks have an important role in providing economic opportunity and supporting changes that help Low- and Moderate-Income (LMI), diverse and underserved communities achieve their financial goals,” TD Bank President and CEO Leo Salom said. “This is rooted in the belief that our business only does well when the people we serve are flourishing. Our Community Benefits Plan builds on TD Bank’s and First Horizon’s longstanding focus on our communities.”
The bank said the plan would result in 25 new physical bank branches in marginalized communities, which will provide an estimated $21 billion in home lending to low- to moderate-income and diverse borrowers, $7.75 billion in small business lending, and $17.5 billion in community development loans and investments, for areas of greatest need in communities across 22 states and Washington, D.C. Those areas were identified through months of consultation with NCRC leadership and non-profit groups, the company said.
“TD Bank’s brought dedication and open minds to the meetings with NCRC members that brought us to this strong and promising agreement,” National Community Reinvestment Coalition President and CEO Jesse Van Tol said. “The deal we just signed will ensure that communities of need see tangible increases in resources and economic opportunity in their neighborhoods – as every bank merger is legally required and morally bound to do.”