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.
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.