The Star-Ledger

Advocate Wants More

The Star-Ledger — Thursday, October 4, 2007

Beth Fitzgerald

Consumer advocate New Jersey Citizen Action said it may challenge TD Bank's proposed takeover of Commerce Bank unless TD Bank expands Commerce's $463 million commitment to provide loans and other services to low- and moderate-income customers in New Jersey.

Citizen Action agreed to give Canada's TD Bank Financial Group time to become familiar with the market before seeking a specific commitment to New Jersey, according to Phyllis SaloweKaye, president of Citizen Action. "I have been in touch with them (TD Bank) and I'm encouraged by their response," Salowe-Kaye said. Citizen Action wants a much larger CRA commitment than the $463 million over three years Commerce agreed to in 2005. "The bank would be much bigger, and that means a much larger commitment, "she said.

TD Bank could not be reached for comment.

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