TD Bank Targets Billion in Lending to Diverse, Underserved U.S. Communities
January 24 2024 - 9:24AM
Dow Jones News
By Robb M. Stewart
Toronto-Dominion Bank set a target of $20 billion to boost
lending, banking access, philanthropy and other activities aimed at
underserved and diverse communities in the U.S.
The big Canadian lender's three-year community impact plan will
focus on communities across its footprint in 15 states and
Washington, D.C.
The effort seeks to provide $10 billion in residential loans and
liquidity to the residential lending market, including first-time
homebuyer and home-equity loans for low- and moderate-income and
minority borrowers and in lower-income and minority census tracts,
particularly in Boston, Baltimore, D.C., New York, Miami and
Philadelphia.
The plan also includes about $7.5 billion in community lending
and investment, $2.8 billion lending to smaller businesses with
less than $1 million in annual revenue and $70 million in Community
Reinvestment Act-related philanthropy over the next three years,
the bank said.
TD Bank said that in an effort to make banking accessible it
will seek to open about 15 million locations in low- to
moderate-income or majority-minority markets, subject to regulatory
approvals, which will include additional community-centered
stores.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 24, 2024 10:09 ET (15:09 GMT)
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