TD Bank will be closing almost 40 branches across 10 states and Washington, D.C., by June 5, 2025, impacting a large number of customers and communities. That’s all part of the bank’s continuous process of streamlining its operations and adjusting to changing customer habits, namely the transition towards digital banking.
Why is TD Bank closing branches?
Shutdowns are happening because TD Bank is recovering from a $3 billion settlement after pleading guilty to criminal money laundering charges for not reporting illegal transactions with drug cartels. The Department of Justice indicated that TD Bank failed to flag more than $18 trillion in transactions between 2018 and 2024 to facilitate laundering of more than $600 million.
Besides, the bank has postponed its previous plans to expand by opening 150 new branches by 2027, especially in the Southeast, because of these financial and legal setbacks. The closures are described as “business-as-usual reviews” based on customer usage, product usage, and community needs.
Which branches are closing?
The 38 branches that are closing are mostly in the Northeast and Mid-Atlantic states, with a few in the Southeast. The states affected are:
- Connecticut (2 branches)
- North Branford – 1289 Foxon Road, North Branford
- Torrington Commons – 215 High St, Torrington
- Florida (3 branches)
- Beville Nova – 1590 South Nova Road, Daytona Beach
- Main Blvd – 160 NW Main Blvd, Lake City
- South Beach 5th Street – 500 Collins Avenue, Miami Beach
- Maine (4 branches)
- Fairfield – 112 Main St, Fairfield
- Fort Kent – 62 West Main, Fort Kent
- Gorham – 95 Main Street, Gorham
- Houlton – 6 North St, Houlton
- Massachusetts (6 branches)
- Bradford – 860 South Main St, Bradford
- East Longmeadow – 465 North Main St, East Longmeadow
- Framingham – 420 Franklin St, Framingham
- Holyoke – 50 Holyoke St, Holyoke
- Methuen – 547 Broadway, Methuen
- Tewksbury – 2345 Main Street, Tewksbury
- New Hampshire (4 branches)
- Bristol – 10 North Main St, Bristol
- Contoocook – 884 Main St, Contoocook
- Hampton – 40 High St, Hampton
- Wilton – 905 Elm St, Wilton
- New Jersey (5 branches)
- Cedar Grove – 85-107 Pompton Avenue, Cedar Grove
- Marlton – 191 E Route 70, Marlton
- Ringwood – 145 Skyline Drive, Ringwood
- Raritan Township – One Royal Rd, Raritan Township
- Spring Lake Heights – 555 Warren Avenue, Spring Lake Heights
- New York (5 branches)
- 42nd and Madison – 125 Park Avenue, New York
- 45th Lexington – 451 Lexington Avenue, Nueva York
- Dolson Avenue – 156A-B Dolson Avenue, Middletown
- Centro – 136 Margaret Street, Plattsburgh
- Greenlawn – 460 Pulaski Road, Greenlawn
- Pennsylvania (3 branches)
- Chestnut Hill – 8600 Germantown Pike, Philadelphia
- Frazer – 101 Lancaster Avenue, Frazer
- Morrisville – West Trenton Ave y Carlisle Ave, Morrisville
- South Carolina (2 branches)
- Columbia Main – 1501 Main Street, Columbia
- Thornblade – 6 Elmshorn Drive, Greer
- Virginia (2 branches)
- Centreville – Centreville Drive y Machen Road, Centreville
- Reston – 1750 North Hampton Avenue, Reston
- Washington, D.C. (1 branch)
- Georgetown – 1611 Wisconsin Avenue NW, Washington, D.C
Among the most publicized closings are those of New Jersey municipalities such as Cedar Grove, Marlton, and Holmdel; New York City locations at Park Avenue and Lexington Avenue; and Philadelphia, Pennsylvania.
How does this affect customers?
Customers who visit closing branches regularly will have to shift to other town TD Bank offices or switch over to digital platforms. TD Bank has approximately 1,100 branches in the nation, and therefore, there will be hardly any customer remaining without access to physical branches. However, they will have to travel a bit more.
The bank assured that it will make the process smooth for affected customers and employees, promoting the use of online and mobile banking channels as substitutes. Customers that interact face-to-face or use branches as their source of banking may be disadvantaged, though.
What does this mean for TD Bank’s future?
The closings are indicative of a larger banking industry trend where institutions scale back physical presences as branch traffic decelerates and mobile banking accelerates. For TD Bank, the closings also fit with efforts to restore trust and stable operations following the money laundering scandal.
The bank will focus more and more on digital innovation and prudent branch presence that is coordinated with customer demand. As a few local branches close in some neighborhoods, TD Bank is hoping to balance this by reaching customers through ongoing locations and online mediums.
In short, if you bank with TD Bank, see if your office is one of the offices closing by or on June 5, 2025. You may be required to change your banking routine, visiting a different office or using online services from TD Bank. The action is one of the bigger projects that TD Bank has to consolidate operations and bounce back from recent courthouse losses while addressing current trends in banking.
Read more: Goodbye to dieting: after 60 years, this weight loss giant is shutting down
Read more: Good news for Disney – entertainment giant’s stock soars and announces new theme park in booming tourist destination
