TD Bank announced a five-year Community Benefits Plan (CBP), developed in coordination with the National Community Reinvestment Coalition (NCRC). The CBP will provide an estimated $50 billion of impact to local communities. This plan will provide lending, philanthropy, banking access and other activities for the benefit of diverse and underserved communities.
To identify areas of greatest need in communities across 22 states and Washington, D.C., the bank solicited feedback from NCRC leadership and non-profit groups from both TD and First Horizon markets through months of consultation. TD will meet annually with the NCRC to discuss and measure progress on the elements of the Plan.
“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. This agreement reflects the hard work of our members and the bank’s staff in numerous ways, including TD’s commitment to opening 25 new physical bank branches in marginalized communities – the largest such pledge to date by any of the 20-plus banks that have signed onto a community benefits agreement with NCRC members. I applaud everyone involved for bringing the candid, constructive energy these deals require to our meetings and producing such a robust final package.”