A New Jersey bank is headed to Charlotte, and already has plans for 15 branches
A new name is breaking into Charlotte’s crowded retail banking scene.
TD Bank is planning to open 15 locations in the region by 2025, the New Jersey-based bank’s first branches in the city, the bank exclusively told The Charlotte Observer.
It’ll be a competitive market for TD, which has a commercial presence here but no retail branches in the city.
Charlotte’s retail banking scene is dominated by just a few key players — Charlotte-based Bank of America holds 62% of the metro area’s deposit market, according to FDIC data. That’s followed by Truist, which also is based in Charlotte, with 16%, and Wells Fargo, with 14%.
TD Bank’s plans for Charlotte
TD Bank CEO Leo Salom said in a statement that the city’s economic and population growth helped draw the firm to the city: “Charlotte is one of the fastest-growing markets in the country.”
At least 25% of the branches in the city will be in majority-minority or low-to-moderate income areas, the bank stated in a news release.
TD Bank already has about 200 local employees in other business lines. The expansion will add about 100 full and part-time jobs in the region, the bank said.
The bank will kick off its retail presence at two places, 2020 Beatties Ford Road and 6611 Carmel Road, both set to open next summer. Other locations have not yet been announced.
TD Bank has 11 other locations in North Carolina, spread throughout Wilmington and the western parts of the state. The closest N.C. branch is in Morganton, a little more than an hour west of Charlotte.
Closer to Charlotte, TD Bank also recently reopened a branch in Fort Mill, South Carolina. The location had been shuttered since 2013, but the bank held on to the real estate, it told the Observer in August.
At the time, regional president Hugh Allen said the bank didn’t have any plans to expand this side of the state line.
About TD Bank
Based in Cherry Hill, New Jersey in suburban Philadelphia, TD Bank is the ninth largest bank in the U.S. by assets at $405.2 billion. It has about 1,300 branches along the East Coast, according to Bankrate.
The bank entered the Carolinas market in 2010 when it acquired South Financial Group, then based in Greenville, South Carolina. It has 62 locations in South Carolina, including one other location in Fort Mill.
According to FDIC data, TD Bank has about 0.24% of the deposit market in North Carolina, or about $1.19 billion worth of deposits. In South Carolina, it’s 5.4% or about $6.3 billion in deposits.
This story was originally published September 15, 2022 at 5:00 AM.
