By Hannah Russo, Senior Correspondent
TD Bank has announced plans to close 38 branches across ten U.S. states and Washington, D.C., by June 5, 2025. This move affects approximately 4% of its 1,100-branch network and is part of a strategic realignment following a challenging 2024. Massachusetts will see the highest number of closures, followed by New York and New Jersey. Other affected states include Connecticut, Florida, Maine, New Hampshire, Pennsylvania, South Carolina, and Virginia.
Strategic Realignment Following Legal Challenges
The closures follow a tumultuous period for TD Bank, which included a major money laundering investigation in 2024. The bank pleaded guilty to conspiracy to commit money laundering and agreed to pay a $3 billion settlement. This was one of the largest financial penalties in the history of U.S. banking.
The settlement required TD Bank to implement comprehensive reforms, including a complete overhaul of its corporate compliance systems. The bank is now under a four-year independent monitorship and a five-year probationary period. The reforms aim to strengthen oversight and prevent future compliance issues.
Emphasis on Digital Banking and Customer Needs
TD Bank said the closures are part of a regular evaluation of its branch network to ensure it meets changing customer needs and preferences. With the increasing shift to digital banking, the bank plans to enhance its online and mobile services while consolidating physical locations.
A spokesperson for TD Bank stated that factors such as customer traffic, product usage, and community changes influenced the decision to shut down specific branches. The bank reaffirmed its commitment to maintaining a strong customer experience through a balanced mix of digital and in-person services.
Industry-Wide Shift Towards Digital Solutions
TD Bank is not alone in scaling back its physical presence. Several other banks, including Santander and Flagstar Financial, have also reduced their branch networks recently. These moves highlight a broader trend in the banking industry toward digital-first operations.
Experts suggest that as consumers increasingly turn to mobile and online platforms for financial transactions, traditional brick-and-mortar branches are becoming less essential. Analysts estimate that if the current pace continues, physical branches could become largely obsolete within the next two decades.
List of Affected Branches
The following branches are scheduled for closure by June 5, 2025:
Massachusetts:
- 25 Neponset Ave, Dorchester
- 501 Boylston St, Boston
- 200 Harvard St, Brookline
New York:
- 1250 Broadway, New York
- 1401 Flatbush Ave, Brooklyn
- 80-15 Roosevelt Ave, Jackson Heights
New Jersey:
- 389 State Route 18, East Brunswick
- 1270 Springfield Ave, Irvington
- 65 Route 17 South, Hasbrouck Heights
Florida:
- 850 W Sample Rd, Pompano Beach
- 9400 Harding Ave, Surfside
- 250 NE 25th St, Miami
Connecticut:
- 1266 Chapel St, New Haven
- 1111 Main St, Bridgeport
Maine:
- 112 Main St, Fairfield
- 62 West Main, Fort Kent
- 95 Main Street, Gorham
- 6 North St, Houlton
New Hampshire:
- 10 North Main St, Bristol
- 884 Main St, Contoocook
- 40 High St, Hampton
- 905 Elm St, Wilton
Pennsylvania:
- 8600 Germantown Pike, Philadelphia
- 101 Lancaster Avenue, Frazer
- West Trenton Ave & Carlisle Ave, Morrisville
South Carolina:
- 1501 Main Street, Columbia
- 6 Elmshorn Drive, Greer
Virginia:
- Centreville Drive and Machen Road, Centreville
- 1750 North Hampton Avenue, Reston
Washington, D.C.:
- 1611 Wisconsin Avenue NW
Support for Customers and Employees
Customers affected by the closures will receive advance notifications and be directed to nearby branches or TD Bank’s digital platforms. The bank emphasized that all essential services will remain accessible online and via mobile apps.
For employees impacted by the closures, TD Bank is offering support through reassignment opportunities and career transition assistance. The bank aims to retain as much talent as possible within its broader organizational structure.
Looking Ahead
TD Bank’s decision reflects a broader transformation within the financial services sector. As the industry evolves, balancing technological advancements with customer service will be key to maintaining trust and relevance.
The bank’s renewed focus on digital infrastructure, along with measures to bolster compliance and governance, signals a forward-looking strategy intended to position it for long-term resilience.
