Bank / Credit Union

TD Bank to deliver $50B to local communities through benefits plan

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February 27, 2023

TD Bank has announced a five-year Community Benefits Plan in collaboration with the National Community Reinvestment Coalition. The plan will deliver an estimated $50 billion to local diverse and underserved communities through lending, banking access, philanthropy and other efforts, according to a press release.

TD worked with the NCRC to identity needs within communities in 22 states and Washington D.C. It plans to meet annually with NCRC to discuss the plan's progress.

"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," Jesse Van Tol, president and CEO, NCRC, said in the release. "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."