US$50-billion commitment marks a key step as Canada’s second-largest lender seeks regulatory approval to close the deal
is committing US$50-billion for the communities it is expanding into with its pending purchase of First Horizon Corp., marking a key step as Canada’s second-largest lender seeks regulatory approval to close the deal.
TD said it will open 25 new branches and promised US$21-billion in home lending for low- and moderate-income and minority communities, as well as additional funding for small businesses loans and community development investments. The bank also said that there will not be any merger-related First Horizon branch closures, and that it will hire additional diverse employees to work on mortgage loans.
TD was called to a hearing in August where some community groups criticized the bank’s lending practices for Black and Latino clients. As U.S. regulators have ramped up scrutiny of bank combinations, the lender has pushed back its closing timelines as it navigates more stringent oversight. Bank of Montreal found itself on a similar path with its acquisition of California-based Bank of the West. The lender had also changed its closing date to the first quarter of this year from the end of 2022. The dealearly February after receiving approval from U.S. regulators in January, which included BMO promising US$40-billion for underserved communities, largely in its new markets.
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