This bank wants to be one of Charlotte's banking giants
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13024 Ballantyne Corporate Place. Photo: Alexandria Sands/Axios
TD Bank has opened a new Ballantyne office as part of its ambition to become North America's fifth-largest bank.
Why it matters: Cracking into the Charlotte market is one step toward TD's goal. It expects to benefit from the fast-growing finance scene, population growth and talent pool fed by universities and existing banks.
What they're saying: "When you go to the people on the East Coast of the U.S. and ask them, 'Would you like Jersey or Charlotte?' They don't think long," said Raymond Chun, group president and CEO of TD Bank Group. (TD's U.S. headquarters is in New Jersey.)
On Wednesday, TD executives cut the ribbon on the new 91,464-square-foot office after roughly two years of construction. It has room for nearly five times as many Charlotte workers as TD had previously.
- The first employees moved in June.
What's inside: The office spans three floors of the Harris Building. Amenities include an Apple Genius Bar-esque tech area, "Zen" and prayer rooms, and a lounge area with puzzles.
- The office houses multiple departments, including finance, audit, compliance, regulatory and legal.
- TD's work-from-home policy varies, but TD executives emphasized a desire for as much in-office work as possible.
Flashback: When TD Bank came to Charlotte in the early 2010s, its original office was 3,000 square feet in a dimly lit former beer distributor building in Ballantyne, dubbed "the disco" for its darkness, recalled Hugh Allen, head of U.S. Commercial Real Estate.
- Most recently, TD Bank was in an 18,514-square-foot office in the Irby Building in Ballantyne, which fit 111 workers.
The big picture: It's not just a new office that shows TD doubling down in North Carolina. You'll notice more of their green logos on corners, too. TD is striving to open 100 branches, many in the Southeast, including 20 in Charlotte, by 2028.
Yes, but: TD Bank pledged in 2022 to open 15 branches in the area by 2025. It only has eight so far.
- Even though brick-and-mortar transactions are down in the digital age, banks still see value in branches to give customers face-to-face advice on major financial decisions. And it's not bad for brand awareness, either.
- Executives say TD Bank is the most recognized brand — not bank — in Canada. TD has also stamped its name on Ballantyne's amphitheater, now called the TD Amp Ballantyne.
- "I believe that in the state of North Carolina, we need a footprint of 100 branches to be able to fully realize our potential in this marketplace," said Leo Salom, president and CEO of TD Bank U.S.
Friction point: Regional President Nick Miceli mentioned it's difficult to compete for the hot real estate corners.
- "It's not just banks. It's the Starbucks … It's the Chick-fil-As," Miceli said.