American Banker, August 14, 2023, After Merger Fails, TD Inks Smaller Community Plan In New Jersey
TD Bank is committing over $2 billion to community reinvestment initiatives in New Jersey — three months after the unraveling of a larger, multistate agreement that was tied to its ill-fated acquisition of First Horizon.
Under a three-year plan unveiled Monday, the Canadian-owned bank committed to ensuring that financing opportunities reach low- to middle-income customers throughout the Garden State, including both individuals and small businesses.
TD agreed to provide $700 million of loans to small businesses, $600 million of community development lending that qualifies for Community Reinvestment Act credit, $210 million to invest in low-income housing and economic development tax credits and $505 million for affordable housing loans. The deal runs through 2025.
