RIEDC Approves TD Bank “Project” to Create 164 New Jobs in RI

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Saturday, February 26, 2011

Tory Elmore, GoLocalProv News Contributor

The Rhode Island Economic Development Corporation (RIEDC) approved TD Bank's "Project Status" as part of the bank's expansion of 12 new branch locations across Rhode Island, a move that aims to create at least 164 new full-time financial services jobs for Rhode Islanders.

The project will make the bank eligible for a state sales tax exemption on the purchase of construction materials and equipment, furniture, fixtures, machinery, computers and facility equipment for its new branch offices, four of twelve which have already been completed.

In compliance with Project Status qualification standards,TD Bank will add at least 164 new full-time jobs during the first three years of the project that will pay more than $36,691 annually -- enough to generate the equivalent or more of the tax exemption in income tax revenue. The bank will also hire 87 part-time employees at the 12 locations by the end of the three-year project period.

"The expansion of Rhode Island's financial services industry is a key component of making private capital more available for small business growth and creating quality jobs for our workforce," said RIEDC Executive Director Keith Stokes.
The remaining eight branch locations are slated to open by the end of 2013.