TD Bank Selected for $65 Million New Markets Tax Credit Allocation

Tue Mar 6, 2012 8:00am EST

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TD Bank Selected for $65 Million New Markets Tax Credit Allocation

Funds will be invested in economic development projects in Fla., N.C. and S.C.

PR Newswire

GREENVILLE, S.C., March 6, 2012 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, announced today that it received a $65 million tax credit allocation as part of the 2011 round of the New Markets Tax Credit Program (NMTC). Urban and rural low-income areas in Florida, North Carolina and South Carolina are the principal service areas for TD Bank's allocation. The bank's Greenville-based subsidiary, TD Community Development Corporation, was one of 70 recipients selected from across the nation to receive an aggregate total of $3.6 billion in new allocations.

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In four out of the past five years, TD Community Development Corporation has been selected for an NMTC allocation. Established by Congress in 2000, NMTC is a federal tax program designed to stimulate community economic development and job creation in markets facing economic challenges.

"We are honored to again be part of this innovative program," said Charles D. Chamberlain, President of TD Community Development Corporation. "We will continue to use these funds to finance qualifying commercial and industrial projects in the communities we serve in Florida, North Carolina and South Carolina, helping to create jobs and stabilize local economies. In the past, this award has favorably impacted our communities and we look forward to the future growth and development it enables."

Through TD Bank Community Development Corporation, TD Bank has closed on more than 25 projects, which deployed $170 million in tax credit allocation and generated more than $231.5 million in total investments in helping to revitalize the communities TD serves.

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 more than 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,280 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, and insurance products and services through TD Insurance, Inc. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS, on Twitter at www.twitter.com/TDBank_US, or visit www.tdbank.com.

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 and one of the few banks in the world rated Aaa by Moody's. 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.

SOURCE TD Bank

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