TD Bank has announced plans to shut down 38 branches across the United States as part of a strategy to reshape its physical network.
The bank explained that after reviewing factors like foot traffic, customer behavior, and local community needs, it determined that these locations no longer effectively serve customers in today’s changing banking environment.
Focusing on Digital and Community-Based Banking
The closures, scheduled to take place on June 5, 2025, are part of TD Bank’s effort to align with modern customer expectations.
The bank plans to increase its focus on digital banking solutions while also opening select community-focused branches.
New locations in Brooklyn, the Bronx, and Boston will provide traditional banking services while also acting as hubs for financial education and community events.
Closures to Affect Multiple States
The branch closures will impact locations in at least 10 states, including Maine, New Hampshire, Florida, Massachusetts, and New Jersey. Massachusetts and New Jersey will each lose six branches.
Affected locations include both small-town and urban branches, reflecting a nationwide shift in TD Bank’s physical presence. In Florida, two branches set to close are:
- 160 NW Main Blvd., Lake City, FL 32055
- 500 Collins Ave., Miami Beach, FL 33139
This move follows a broader industry trend where banks are reducing their physical footprint as more customers switch to online and mobile banking.
Regulatory Pressure and Compliance Issues
The announcement comes as TD Bank faces heightened regulatory scrutiny. In October 2024, the bank was fined over $3 billion by federal authorities for failures in anti-money laundering controls.
The Department of Justice cited ongoing deficiencies that allowed suspicious activities involving trillions of dollars in transactions to go unchecked.
Michael J. Hsu of the Office of the Comptroller of the Currency stated that these penalties were necessary to strengthen the bank’s risk management and compliance systems.
Employee Support and Transition Plans
TD Bank confirmed that job losses will result from the branch closures. However, the bank has committed to supporting affected employees by providing transition resources and assistance.
This approach reflects TD Bank’s broader strategy to modernize operations while maintaining strong customer service and community ties.
As TD Bank adapts to the digital era, industry analysts are closely monitoring how these changes will impact customer experience and overall efficiency.
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