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Hughallenprofile hero
• Oct 12, 2022

TD Bank recently announced its plan to expand further in the Charlotte, NC, area, including in historically underserved markets. But what does that mean and what are the next steps to doing this?

TD has had a presence in the area serving Commercial customers since 2013, but Charlotte is one of the largest, fastest growing markets in the country and the Bank is hungry to expand into new terrain.

We spoke to Hugh Allen, Regional President, Mid-South Metro, about how we will serve the community, why Charlotte is perfect for this growth and so much more!

Why does it make sense for TD to expand in Charlotte, and why now?

Charlotte's been an attractive market for quite a while and an obvious gap in our footprint. With me taking the Regional President role and living and working here, along with the success we've had with our Commercial businesses in the city, it just felt like, "Okay, let's go!"

Charlotte is also one of the fastest growing markets in the country. Nearly 100 people have moved to Charlotte every day over the past two years, creating a population boom. Many of these new residents relocated from the Northeast and Mid-Atlantic regions, where TD Bank is a major presence.

Finally, despite Charlotte being a hub for top financial institutions, residents lack adequate access to bank locations, especially in low-to-moderate income areas. We aim to change that. All these factors make this our opportune moment.

What will our Charlotte presence look like?

Great question. Before we decided to act, we spoke with local leaders, including the mayor. We asked, 'Where do you need banking? Where do you need us?' I think it speaks volumes that one of our first stores will be in a low-to-moderate income community on Beatties Ford Road.

I know from living in Charlotte that the wealth gap is a prominent issue. Affordable housing is a challenge right now as well. These are priorities for us in our expansion.

So, with that said, we plan to open an initial set of stores in June and July 2023, for a total of 15 Retail stores by 2025, with 25% of them located in low-to-moderate income communities.

Charlotte is a large banking center; how will we deal with major competition?

As the Unexpectedly Human Bank, we aim to provide a contrast to other banks through our relentless focus on customer experience; our evolution to modern convenience; and our authentic commitment to the communities where we work and live.

We're going to continue to be more accessible to people on weekends. We're also trying to make sure we are available to people who work in different ways -- some people can't get into a branch during the week. We're looking forward to being there for everyone, including those people.

TD is in a unique situation right now, because a lot of our peers and competitors are closing branches and reducing their footprint, even in this high-growth banking hub. There is still tremendous value in having an in-person experience to combine with an online, mobile or phone channel experience. It's incredibly important that we provide a seamless experience for all customers however they choose to bank with us.

How will this impact the market with First Horizon having a sizeable footprint in NC?

While First Horizon has an established branch network in North Carolina, they are not as dense in Charlotte as in the state's other metro areas. As Leo Salom, President and CEO, has said, TD plans to maintain a presence in all of the markets in which both companies operate today as these footprints are complementary with very little overlap. I believe the store locations we are selecting will provide a balanced complement to First Horizon's Charlotte branches.

That said, TD planned this market growth prior to the First Horizon announcement, and we are committed to our organic growth in Charlotte

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