The Toronto-Dominion Bank reports developments across a North American banking franchise that includes Canadian personal and commercial banking, U.S. retail banking, wealth management and insurance, and wholesale banking. News about TD commonly covers U.S. retail operations under TD Bank, digital and embedded banking capabilities for business clients, credit card rewards, auto finance, private banking and wealth services.
Company updates also address brand and operating-model changes across Canada and the United States, regional leadership and market alignment in the U.S. footprint, community sponsorships, and consumer spending research. TD trades on the Toronto and New York stock exchanges under the symbol TD.
TD Bank has appointed Sheryl L. McQuade as the new Regional President of its New England Metro, overseeing a network of approximately 310 stores and 2,900 employees. McQuade, who joined TD in 2019, is credited with enhancing market share during her tenure. The bank reported being the No. 1 retail bank by deposits in Maine and New Hampshire as of June 30, 2022, and invested over $6 million in community grants in 2022. Her leadership aims to strengthen TD's commitment to the New England region.
On Nov. 30, 2022, TD Bank announced a strategic $5 million equity investment in Citizens Trust Bank, a black-owned Minority Depository Institution. This investment aims to bolster opportunities for minority-owned businesses in the Atlanta region. Citizens Trust Bank, founded in 1921, offers financial services and serves underserved communities. The investment aligns with TD's goals of community enrichment and diversity, reinforcing its commitment to enhancing economic equality. This move marks one of TD's significant MDI investments in the U.S.
TD Bank has announced a multi-year extension of its credit card program with Nordstrom, continuing its role as the exclusive issuer of Nordstrom's U.S. Visa and private label credit cards. The partnership, which began in 2015, demonstrates a strong collaboration aimed at enhancing customer engagement and delivering elevated shopping experiences. Both companies emphasize their commitment to innovation and meeting evolving customer needs through rewards and exclusive perks.
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TD Bank has been ranked No. 1 for the sixth consecutive year in the total number of approved SBA loans across its Maine-to-Florida footprint for the SBA's 2022 fiscal year. The bank approved 2,134 SBA 7(a) and 504 loans, lending approximately $313 million. Additionally, TD was recognized as the #2 SBA lender nationwide, achieving top rankings in New Hampshire, New Jersey, South Carolina, and Florida. Chris Giamo, Head of Commercial Banking, emphasized the bank's commitment to supporting small businesses, which are vital to local economies.
TD Bank announced a multi-year financing agreement with Blue Nile, the largest online retailer of certified diamonds and fine jewelry. This partnership aims to offer customized credit card financing options to Blue Nile customers, available online and in 24 showrooms. As consumers face rising inflation, this collaboration is intended to provide flexible financing solutions during the upcoming holiday season. TD Bank's Retail Card Services will administer this program, enhancing customer experience through a digital-first sign-up tailored to Blue Nile's clientele.
According to TD Bank's 2022 Home Equity Trend Watch survey, 47% of homeowners are aware of their home equity, a significant rise from 32% in 2019. The survey reveals that 87% of respondents have seen an increase in their equity since purchasing their homes, yet many are hesitant to access these funds. Despite 70% feeling financially stable, over half (52%) of homeowners are unlikely to apply for home equity loans or HELOCs in the next 18 months. Renovations remain a primary use for these loans, with 43% of respondents planning to utilize them for home improvement projects.
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On October 6, 2022, TD announced a $500,000 contribution to support Hurricane Ian relief efforts in the Southeast. This donation will assist local non-profits and provide financial aid to affected customers through the TD Cares program, which includes fee refunds and penalty-free withdrawals. The bank also offers disaster relief to impacted employees. Since 2002, the TD Charitable Foundation has distributed over $230 million in grants. This initiative emphasizes TD's commitment to community support and recovery from natural disasters.
TD Bank has announced a multi-year financing partnership with RH, enhancing credit card financing options for RH customers. This initiative includes a private-label credit card program offering competitive APRs, aimed at providing flexibility as consumers approach fall 2023. TD's Retail Card Services will support RH's extensive luxury home furnishings collection, promoting customer convenience and brand loyalty. Both companies align on a personalized customer relationship philosophy, expected to boost RH's market presence.