CHERRY HILL, N.J., Jan. 13, 2015 /PRNewswire/ — TD Bank, America’s Most Convenient Bank®, announced today that its Pennsylvania Middle Market Team was recently selected by The Modern Group of Bristol, Penn., to provide a sizeable new credit facility. The amount of TD’s commitment and terms of the financing were not disclosed.
Michael Carbone, TD Bank’s Regional President for Metro Philadelphia, commented, “TD Bank has extensive experience creating flexible financing solutions for companies like The Modern Group and our commitment to being a full-service banking partner is evident in this new relationship. We look forward to working with The Modern Group to support their business growth and day-to-day banking needs.”
The purchase of industrial equipment is expected to increase as companies continue to put cash reserves to work in the year ahead, creating a competitive market for distributors. Agriculture, construction, materials handling and transportation are key segments driving the growth in the industrial equipment sector.
Paul Farrell, President and CEO of The Modern Group, said, “We are thrilled to be working with a premier financial institution like TD Bank and are happy that TD recognizes the value that The Modern Group brings to its 6,000 customers in the Mid-Atlantic Region. We are looking forward to a long term relationship with what is truly ‘America’s Most Convenient Bank.'”
About Modern Group
The Modern Group is a leading industrial equipment distributor with divisions dedicated to forklifts, power systems, arborists and warehouse products. Services provided include sales, fleet management, equipment servicing, parts, training and short-term rentals. The company has been in operation since 1946 and serves more than 6,000 customers in the Delaware, New Jersey and Pennsylvania markets. To learn more visit, www.moderngroup.com
About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”.