TD Bank recently announced it was planning to spend $20 billion on a community benefit plan aimed at helping low- to moderate-income and minority communities in Boston and elsewhere. So, how are these big plans crafted, and where exactly do these funds go?
TD Bank’s latest “community impact plan” will see $10 billion worth of residential lending towards low- and moderate-income borrowers and minority borrowers focused on six cities in the bank’s 15-state footprint.
Silicon Valley Bank’s buyer announced the grants and lending set-asides after community groups and housing advocates raised fears investments SVB promised before its failure would be lost.
Following its merger this year with Sterling Bancorp, Webster Bank has established a $6.5 billion community benefits plan that will invest in the communities within the bank’s footprint.
PNC Bank has launched a minority business development group that the bank said will provide products and resources to support the financial wellness of emerging minority businesses.
As part of its acquisition of People’s United Bank, Buffalo-based M&T Bank has created a five-year community growth plan that will provide $43 billion in loans, investments and other financial support to communities within its footprint.
