{"id":135190,"date":"2023-02-15T09:59:18","date_gmt":"2023-02-15T14:59:18","guid":{"rendered":"https:\/\/ncrc.org\/?p=135190"},"modified":"2023-04-20T13:43:39","modified_gmt":"2023-04-20T17:43:39","slug":"ncrc-announces-50-billion-community-benefits-agreement-with-td-bank","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-announces-50-billion-community-benefits-agreement-with-td-bank\/","title":{"rendered":"NCRC Announces $50 Billion Community Benefits Agreement With TD Bank"},"content":{"rendered":"

TD Bank will commit $50 billion in investments, lending, philanthropy and other services for diverse and underserved communities, the National Community Reinvestment Coalition (NCRC) announced Wednesday, pursuant to a community benefits plan the organization facilitated between the bank and NCRC members.\u00a0<\/span><\/p>\n

“TD Bank brought dedication and open minds to the meetings with NCRC members that brought us to this strong and promising agreement,” said Jesse Van Tol, President and CEO of the <\/strong><\/span>National Community Reinvestment Coalition President<\/b>. “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.”<\/span><\/p>\n

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 from the time it announced its definitive agreement to acquire First Horizon Corporation in February 2022. TD will meet annually with NCRC to discuss and measure progress on the elements of the plan.\u00a0<\/span><\/p>\n

\u201cBanks have an important role in providing economic opportunity and supporting changes that help low- and moderate-income (LMI), diverse and underserved communities achieve their financial goals,\u201d <\/span>said Leo Salom, President and CEO of TD Bank<\/b>. \u201cThis is rooted in the belief that our business only does well when the people we serve are flourishing. Our Community Benefits Plan builds on TD Bank’s and First Horizon’s longstanding focus on our communities. We are excited to continue this focus in First Horizon markets as we move forward with combining our two organizations. Thank you to NCRC and its member organizations for their collaboration and critical insight as we developed an effective plan that addresses the priorities and needs of the communities we serve.”<\/span><\/p>\n

Since 2016, NCRC has facilitated 27 <\/span>community benefits agreements<\/span><\/a> with bank groups that committed more than $620 billion for mortgage, small business and community development lending, investments and philanthropy in LMI and under-resourced communities.<\/span><\/p>\n

In addition to TD Bank and NCRC, the following 59 NCRC member organizations that operate in the markets affected by TD\u2019s acquisition of First Horizon endorsed the deal:<\/span><\/p>\n

Affordable Homeownership Foundation, Inc.<\/span><\/p>\n

Affordable Housing Centers of Pennsylvania<\/span><\/p>\n

African American Chamber of Commerce of Montgomery County<\/span><\/p>\n

Best of the Bess, Inc.<\/span><\/p>\n

BLDG Memphis<\/span><\/p>\n

Building Alabama Reinvestment\u00a0<\/span><\/p>\n

Business Outreach Center Network, Inc.<\/span><\/p>\n

BOC Capital Corp.<\/span><\/p>\n

Can I Live, Inc.<\/span><\/p>\n

Ceiba<\/span><\/p>\n

Central Baptist Community Development Corporation<\/span><\/p>\n

Clarifi<\/span><\/p>\n

Coalition for Non Profit Housing and Economic Development<\/span><\/p>\n

Coalition of African Communities – Philadelphia<\/span><\/p>\n

Coastal Enterprises, Inc.<\/span><\/p>\n

Community Development Alliance Capital District, NY<\/span><\/p>\n

Community Development Network of Maryland<\/span><\/p>\n

Community Legal Services of Mid-Florida, Inc.<\/span><\/p>\n

Community Legal Services of Philadelphia<\/span><\/p>\n

Community Link NC<\/span><\/p>\n

Community Reinvestment Alliance of South Florida<\/span><\/p>\n

Connecticut Fair Housing Center<\/span><\/p>\n

Corporation to Develop Communities of Tampa, Inc.<\/span><\/p>\n

Economic Action Maryland\u00a0<\/span><\/p>\n

Georgia Advancing Communities Together, Inc.<\/span><\/p>\n

Greater Philadelphia Hispanic Chamber of Commerce<\/span><\/p>\n

green|spaces Chattanooga<\/span><\/p>\n

Housing For All<\/span><\/p>\n

HousingWorks RI<\/span><\/p>\n

Jane Place Neighborhood Sustainability Initiative<\/span><\/p>\n

Kingdom Community Development Corporation<\/span><\/p>\n

Local Enterprise Assistance Fund (LEAF)<\/span><\/p>\n

Long Island Housing Services, Inc.<\/span><\/p>\n

Massachusetts Affordable Housing Alliance<\/span><\/p>\n

National Association of American Veterans, Inc.<\/span><\/p>\n

National Association of IOLTA Programs on behalf of the Arkansas Access to Justice Foundation, Legal Services Corporation of Virginia, Tennessee Bar Foundation, and The South Carolina Bar Foundation\u00a0<\/span><\/p>\n

National Housing Resource Center<\/span><\/p>\n

Neighborhood Housing Services of Waterbury<\/span><\/p>\n

New Jersey Citizen Action<\/span><\/p>\n

New Kensington CDC<\/span><\/p>\n

Norris Square Community Alliance<\/span><\/p>\n

Olive Hill Community Economic Development Corporation, Inc.<\/span><\/p>\n

People for Change Coalition\u00a0<\/span><\/p>\n

PFC Black Chamber of Commerce Inc.<\/span><\/p>\n

PT Partners<\/span><\/p>\n

Real Estate Education and Community Housing, Inc.<\/span><\/p>\n

Rebuild Communities NC<\/span><\/p>\n

Sandhills Community Action Program<\/span><\/p>\n

Solita’s House, Inc.<\/span><\/p>\n

Springfield Neighborhood Housing Services, Inc.<\/span><\/p>\n

Taller Puertorrique\u00f1o<\/span><\/p>\n

The South Carolina Association for Community Economic Development (SCACED)<\/span><\/p>\n

Titusville Development Corporation, a CDC<\/span><\/p>\n

Urban Impact<\/span><\/p>\n

Urban League of Essex County<\/span><\/p>\n

Urban League of Greater Hartford<\/span><\/p>\n

Washington Area Community Investment Fund (Wacif)<\/span><\/p>\n

West Boulevard Neighborhood Coalition<\/span><\/p>\n

Westside Network<\/span><\/p>\n

\u201cCeiba looks forward to working with TD Bank to meet our mutual objectives of building wealth and expanding access to financial services for low-to-moderate income families and communities of color in Philadelphia,\u201d said <\/span>Will Gonzalez, NCRC Board Member and Executive Director of Ceiba<\/b>. \u201cThis CBA helps TD Bank, an institution with a big footprint in Philadelphia, enhance its capacity to make comprehensive, sustainable, and positive community development impacts in our city.\u201d<\/span><\/p>\n

\u201cNew Jersey Citizen Action applauds TD Bank for recognizing the importance of partnering with stakeholders in the communities where they do business and committing to CRA goals for their investment in affordable home-ownership, community development and small business finance for underserved, low- and moderate-income and BIPOC communities,\u201d said<\/strong> <\/span>Leila Amirhamzeh,<\/b> CRA Director of New Jersey Citizen Action<\/b>. \u201cWe look forward to working with TD Bank and all of the partners in this community benefits plan to make it a success.\u201d<\/span><\/p>\n

\u201cCollaboration is critical to delivering impactful financial products and services that reach diverse communities,\u201d said <\/strong><\/span>Nancy Carin, Executive Director of the Business Outreach Center Network \/ BOC Capital Corp<\/b>. \u201cTD Bank’s commitment to partnership with community stakeholders and CDFIs to address community needs promises to have positive impacts. BOC Network and BOC Capital look forward to the bank’s active community engagement.\u201d\u00a0<\/span><\/p>\n

\u201cThis Community Benefits Agreement that NCRC has worked out with TD Bank represents a valuable investment in affordable housing, homeownership opportunity, small business development, and support for Black and Brown communities,\u201d said <\/span>Bruce Dorpalen, Executive Director of the National Housing Resource Center<\/b>. \u201cHousing counseling organizations across the TD Bank footprint are ready to help implement this commitment.\u201d<\/span><\/p>\n

\u201cWe applaud TD Bank’s Community Benefits Plan and are encouraged to see a $1 billion commitment to CDFIs and MDIs over the next 5 years,\u201d <\/span>Gerardo Espinoza, Executive Director of Local Enterprise Assistance Fund (LEAF)<\/b>. \u201cThe recent COVID epidemic has evidenced a plethora of social inequities that are present in our society. In order to navigate this economic uncertainty, we need all stakeholders in our communities to participate and lend support.\u201d<\/span><\/p>\n

\u201cPT Partners welcomes TD Banks’ efforts to create greater equity in banking and lending but especially in philanthropy,\u201d said <\/span>Vanessa Liles, Co-Project Director at PT Partners<\/b>, \u201cwhere \u2018Black, Latinx, Asian, Women, 2SLGBTQ, Veteran, PWD or Native American-led organizations\u2019 are experiencing great disparity.\u201d<\/span><\/p>\n

\u201cThe South Carolina Association for Community Economic Development (SCACED) recognizes the contributions of TD Bank and First Horizons to communities throughout the state of South Carolina,\u201d said <\/span>Katherine Pratt, VP of Operations for the South Carolina Association for Community Economic Development (SCACED)<\/b>. \u201cWe look forward to working with them through and after the merger to see even greater impact in underserved communities to increase access to capital for small businesses, increase access to affordable housing and increased support for the nonprofits working on the ground in these communities.\u201d<\/span><\/p>\n

Advancing TD\u2019s and First Horizon\u2019s Strong Track Records of Community Engagement\u00a0<\/b><\/p>\n

The community benefits plan extends TD and First Horizon\u2019s shared commitment to positively impact social and economic outcomes in local markets and address financial inclusion across diverse communities, including Black, Indigenous, minority, women, veteran and LGBTQ2+ individuals and their businesses, and enhancing access to safe and affordable products and services.<\/span><\/p>\n

Mortgage Lending and Consumer Products<\/b><\/p>\n

TD Bank will enable affordable homeownership by increasing residential mortgage loans, including first-time homebuyer, and home improvement loans to $21 billion for LMI and minority borrowers, and in LMI and majority-minority census tracts, which represents a 65% increase. In support of this goal, TD will hire additional, diverse Mortgage Loan Officers and Community Mortgage Loan Officers who reflect the communities they serve.\u00a0<\/span><\/p>\n

The bank will also provide affordable retail products and services that are designed to meet the needs of economically vulnerable consumers across the footprint.<\/span><\/p>\n

Accessible Banking<\/b><\/p>\n

Consistent with TD’s goal to make banking accessible to its customers, it will open at least 25 new stores and 25 ATMs in LMI and\/or majority-minority markets over the next five years. The bank also commits that all banking locations will be open at least five days a week. In addition, there will not be any merger related First Horizon store closures.\u00a0<\/span><\/p>\n

Small Business\u00a0<\/b><\/p>\n

The plan builds on the bank\u2019s ongoing commitment to support the critical role small businesses play in local economies by offering an estimated $7.75 billion in lending to small businesses with under $1 million in annual revenue, with a focus on minority- and women-owned businesses and those in LMI and\/or rural areas.<\/span><\/p>\n

Community Development Loans and Investment<\/b><\/p>\n

TD Bank will provide $17.5 billion in community development loans and other investments to support economic development activities and affordable housing projects (including rental housing) within TD and First Horizon\u2019s markets. This represents a 21% increase over the combined TD and First Horizon previous five-year average.\u00a0<\/span><\/p>\n

Additional Highlights<\/b><\/p>\n