The investment closely aligns with TD's
purpose to enrich the lives of the customers and communities
that it serves
ATLANTA, Nov. 30,
2022 /PRNewswire/ -- The Commercial Bank of TD Bank,
America's Most Convenient Bank®, announced today that it
has made a $5 million equity
investment in Citizens Trust Bank in Atlanta, Ga., to help expand opportunities for
minority-owned businesses as it eyes further expansion into the
region.
This investment closely aligns with TD's
purpose to enrich the lives of the customers and communities it
serves.
Citizens Trust Bank is a black-owned Minority Depository
Institution (MDI) and Community Development Financial Institution
(CDFI) founded in 1921, with physical locations in the Atlanta and Alabama markets and a nationwide digital
footprint. The investment was made for $5 million in preferred shares via TD Community
Development Corporation, a wholly owned subsidiary of TD Bank. The
investment represents one of TD's first MDI investments in the
country.
TD's U.S. Commercial Bank is actively lending in the
Atlanta region via its Middle
Market, Municipal, Institutional Commercial Real Estate, TD
Equipment Finance and Healthcare business lines. This move will
enable minority-owned businesses greater access to capital, while
allowing Citizens Trust to provide broad financial services in
communities that are often underserved.
"This investment is a natural next step in TD's Commercial Bank
presence in the region, as we look to expand our reach, with
like-minded organizations like Citizens Trust Bank, to help support
all businesses," said Chris Giamo,
Head of Commercial Banking for TD Bank. "It also strongly aligns
with our diversity and ESG strategy and with our dedication to
enriching the lives of the customers and communities we serve."
Citizens Trust Bank's President and CEO Cynthia N. Day also believes this is a great fit
for both financial institutions.
"Citizens Trust Bank continues to seek partners that align with
our mission to provide minority businesses access to capital which
allows them to create jobs and support healthy communities," said
Day. "We are proud to partner with TD Bank in serving our
communities in a meaningful way. This is a powerful demonstration
of what can be accomplished through collaboration, and we are
excited about the opportunities it will create both now and in the
future."
"We applaud TD Bank for its commitment to diversity and
appreciate its partnership with Citizens Trust Bank in supporting
the growth and well-being of the communities we serve. Their equity
investment will enhance our ability to impact the lives of many
families and businesses," said Ray M.
Robinson, Chairman of Citizens Bancshares Corporation,
parent company of Citizens Trust Bank.
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 www.td.com/us. Find TD Bank on Facebook
at www.facebook.com/TDBank and on Twitter
at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
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 www.td.com/us.
About Citizens Trust Bank
Citizens Trust Bank
Celebrating over 100 years in the community, Citizens Trust Bank
remains committed to providing personalized service and financial
solutions to meet the growing needs of the community. Through a
legacy built on economic equality and well-being, we go beyond
meeting the needs of offering banking solutions; our mission is to
empower our customers and future generations for financial success.
Through its parent company, Citizens Bancshares Corporation, the
Bank offers its common stock over-the-counter to the public under
the trading symbol CZBS and can be found at www.ctbconnect.com.
About TD Community Development Corporation
TD
Community Development Corporation (TDCDC) is a certified Community
Development Entity and wholly owned subsidiary of TD Bank, N.A.
Since 2007, TDCDC has been providing community loans, investments,
and financial counseling to strengthen underserved communities
throughout the TD Bank footprint. Leveraging tax credits and
economic development, TDCDC also helps commercial and industrial
businesses create and retain quality, accessible jobs and
community-based organizations improve and expand local services,
resources and facilities in distressed urban and rural
communities.
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SOURCE TD Bank