TD Bank Targets Billion in Lending to Diverse, Underserved U.S. Communities

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 [e-mail]

(END) Dow Jones Newswires

January 24, 2024 10:09 ET (15:09 GMT)

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