A POPULAR financial institution is conducting nationwide closures in just a few days.
Consumers could be left seeking banking assistance elsewhere.
Consumers may be forced to head elsewhere for banking needs (stock image)GETTY GettyTD Bank is closing 38 branches this year (stock image)[/caption]TD Bank will shutter at least 38 branches by June 5.
The closures will affect residents in 10 states and the District of Columbia.
Massachusetts has the most with six, along with five in New York and New Jersey.
Connecticut, the District of Columbia, Florida, Maine, New Hampshire, Pennsylvania, South Carolina, and Virginia.
The closing branches only account for about 4% of TD Bank’s footprint, which currently sits at around 1,100.
TD Bank noted the reasoning behind the closures as part of its consistent analysis of what best serves customers.
“As part of our normal business practices, we regularly evaluate existing TD Bank stores, which may result in some closures, consolidations, or relocations as we look for opportunities to better align our network of stores with customer needs and preferences,” spokesperson Thomas Rigg told the Bergen Record recently.
LEGAL WOES
It was also a “challenging” year for TD Bank in 2024, according to a statement from the chair of the board, Alan MacGibbon.
The financial institution was looked at in a money laundering investigation.
Former Attorney General Merrick Garland argued that the bank crafted a space for crime to “flourish.”
TD Bank later pleaded guilty to conspiracy to commit money laundering, per the Department of Justice.
As part of the case, it also agreed to a $3 billion settlement and has significantly amped up its security measures.
“We know what the issues are, we are fixing them,” TD Bank CEO Bharat Masrani emphasized in a statement last year.
Masrani also noted that branch openings were specifically stalled due to the legal battle.
What TD Banks are set to close?
860 South Main St., Bradford, MA 01835 465 North Main St., East Longmeadow, MA 01028 420 Franklin St., Framingham, MA 01702 50 Holyoke St., Holyoke, MA 01040 547 Broadway, Methuen, MA 01844 2345 Main St., Tewksbury, MA 01876 85 Pompton Ave. # 107, Cedar Grove, NJ 07009 670 Laurel Ave., Holmdel, NJ 07733 191 E. Rte. 70, Marlton, NJ 08053 145 Skyline Dr., Ringwood, NJ 07456 1 Royal Rd., Flemington, NJ 08822 555 Warren Ave., Spring Lake Heights, NJ 07762 125 Park Ave., New York, NY 10017 451 Lexington Ave., New York, NY 10017 156 Dolson Ave. #A-B, Middletown, NY 10940 460 Pulaski Rd., Greenlawn, NY 11740 136 Margaret St., Plattsburgh, NY 12901 112 Main St., Fairfield, ME 04937 62 West Main St., Fort Kent, ME 04743 95 Main St., Gorham, ME 04038 6 North St., Houlton, ME 04730 10 N. Main St., Bristol, NH 03222 884 Main St., Contoocook, NH 03229 40 High St., Hampton, NH 03842 905 Elm St., Wilton, NH 03086 1590 South Nova Rd., Daytona Beach, FL 32114 160 NW Main Blvd., Lake City, FL 32055 500 Collins Ave., Miami Beach, FL 33139 8600 Germantown Pike, Philadelphia, PA 19118 101 Lancaster Ave., Frazer, PA 19355 346 West Trenton Ave., Morrisville, PA 19067 1289 Foxon Rd., North Branford, CT 06471 215 High St., Torrington, CT 06790 1501 Main St., Columbia, SC 29201 6 Elmshorn Dr., Greer, SC 29650 6200 Multiplex Dr., Centreville, VA 20121 1750 North Hampton Ave., Reston, VA 20194 1611 Wisconsin Avenue NW, Washington, DC 20007Still, he said he was “100% confident that we get to the other side and emerge even stronger.”
NOT ALONE
Other banks are also shutting down branches in the coming months.
Santander is closing about 18 locations in the United States between July 31 and August 21, per The Street.
Executives told Banking Dive this was a strategic move to refine its footprint and better serve customers, similar to TD Bank.
Bank branches have been shuttering at a consistent rate since 2018, according to data from Self Inc.
There’s an average of about 1,646 branch shutdowns each year.
Should the trend continue, there could be virtually no more physical bank branches in the United States by 2041.
Flagstar Financial also axed 28 locations in March and April, with a total of 60 expected to be gone by the end of 2025.
Wells Fargo also shuttered five branches in the same city last year.
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