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Group of small business owners
• Feb 15, 2023

Developed in Coordination with the National Community Reinvestment Coalition, the Plan Offers an Estimated $50 Billion of Impact

  • 25 new stores in LMI and/or majority-minority communities
  • $21 billion in home lending to Low- and Moderate-Income and diverse borrowers
  • $7.75 billion in small business lending
  • $17.5 billion in community development loans and investments

CHERRY HILL, N.J., Feb. 15, 2023 TD Bank, America's Most Convenient Bank®, today 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 across TD Bank's expanded U.S. presence following the approval and close of its planned acquisition of First Horizon Corporation. This plan will provide lending, philanthropy, banking access and other activities for the benefit of diverse and underserved communities.

"Banks 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,” said Leo Salom, President and CEO of TD Bank, America's Most Convenient Bank®. “This 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 the 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.”

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."

Advancing TD and First Horizon’s Strong Track Records of Community Engagement

The CBP extends TD and First Horizon’s 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, while also enhancing access to safe and affordable products and services. The plan includes the following:

Banking Access

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.

Mortgage Lending and Consumer Products

TD Bank will enable affordable home ownership 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 we serve.

The bank will also provide affordable retail products and services that are designed to meet the needs of economically vulnerable consumers across the footprint.

Small Business Support

The Plan builds on the bank’s 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.

Community Development Loans and Investment

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 markets. This represents a 21% increase over the combined TD and First Horizon previous five-year average.

Additional Highlights

  • $200 million in Community Reinvestment Act-related philanthropy through the TD Office of Charitable and Community Giving, which includes creating a $40 million TD New Horizon Foundation, with a focus on giving in Memphis, TN, and other First Horizon markets over five years.
  • Creation of a Community Development Financial Institutions (CDFIs) / Minority Depository Institutions (MDIs) Impact Strategy, to provide lending and equity investments, with a total estimated impact of $1 billion.
  • Increased spending with certified diverse suppliers in the US by 50%.
  • Engagement and support of Historically Black Colleges and Universities (HBCUs) through institutional support, recruitment of students and alumni, and financial access.

Additional Information Regarding the CBP

TD and the NCRC are pleased that 59 community organizations have endorsed this impactful CBP. For more information and resources, please visit:

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank ®, is one of the 10 largest banks in the U.S., providing over 9.8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit Find TD Bank on Facebook at and on Twitter at and

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit

Media Contact:

Martha A. Gaston, APR

VP, Senior Corporate Communications Manager

TD Bank

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