Mark Crandall talked about TD Bank’s plans for growth in New England, including some market research that went into its offering of free pens.
Sarah Coffey
Financial Reporter – Boston Business Journal
Why don’t TD Bank pens have clips? Women don’t like them. So TD Bank makes sure that all of the pens available for customer use in their branches don’t have the offensive shirt clip. It’s all about what the customer wants, TD Bank regional president Mark Crandall says.
“Most of the people that end up getting (the pens) in our stores are women. And women do not want a pen with a clip in their purse because it grabs everything else in the purse,” Crandall says.
It’s paying attention to what makes the customer happy that TD Bank hopes sets it aside from the competition. The state’s fourth-largest bank by assets, TD is looking to expand this year, particuarly in Greater Boston, the South Shore and Rhode Island.
TD Bankgroup is a subsidiary of the Canada-based Toronto-Dominion Bank
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(NYSE:TD), which has built up more than 1,300 branches across the Eastern U.S. over the past seven years. Crandall’s been with the bank since 1998. The Boston Business Journal’s Sarah Coffey sat down with him today to discuss the bank’s plans for the upcoming year.
Q: How’s business so far this quarter?
Crandall: “This quarter we’re doing fine. Quarter-to-quarter deposits are up a couple percent at this point. … We were up in January on deposits, also up on loans in Massachusetts, and that includes commercial and consumer loans. The reasons for that are relatively straight forward. Really it’s all about our convenience brand and our model of going to business in each market as one bank. … We refer business to each other and take care of our customers globally as well as we can. We are all about growth.
“In Rhode Island, it’s a new market for us, so everything I do in Rhode Island is growth now. We built four new stores in Rhode Island over the last 15 months. We have plans to do two more this year. We’ve staffed commercial lending, cash management, small business, wealth management, insurance, credit, retail and administration support. Our growth plans in Rhode Island are for the next 5,10,15 years. This is not a short-term strategy. We’ve grown significantly in Rhode Island and the market has welcomed us with open arms.
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