In a significant move impacting thousands of customers, TD Bank, one of the largest financial institutions in the United States with over 1,100 branches, has announced the closure of 38 locations across 10 states and Washington, D.C.
This decision, part of a broader strategic review prompted by shifting customer habits and recent regulatory challenges, has raised concerns about access to in-person banking services, particularly in states like New Jersey and Massachusetts, where multiple branches are set to shutter.
Why is TD Bank closing branches?
TD Bank, a subsidiary of the Canadian multinational Toronto-Dominion Bank, cited evolving customer preferences and operational efficiencies as primary reasons for the closures.
The banking industry has seen a seismic shift toward online and mobile platforms, accelerated by the COVID-19 pandemic.
According to S&P Global Market Intelligence, U.S. banks closed 439 branches in the third quarter of 2024 alone, nearly double the 199 closures in the same period the previous year.
TD Bank’s closures align with this trend, as more Americans rely on digital banking for transactions, bill payments, and account management.
However, the closures also come in the wake of a high-profile money laundering probe in 2024, which resulted in a $3 billion settlement with the U.S. Department of Justice.
Former Attorney General Merrick Garland criticized TD Bank for fostering an environment where financial crimes could “flourish.”
CEO Bharat Masrani acknowledged that the probe had delayed branch expansion plans but expressed confidence in the bank’s recovery, stating, “We are addressing these issues and will emerge stronger.”
The closures may reflect a cost-cutting strategy to offset the settlement’s financial impact while bolstering anti-money laundering efforts, according to reports.
Which Branches Are Closing?
TD Bank’s closures will affect communities across multiple states, with Massachusetts and New Jersey bearing the brunt.
Below is the full list of confirmed closures as of June 5, 2025, based on filings with the Office of the Comptroller of the Currency and statements from TD Bank:
- Massachusetts (6 locations):
- Boston – 200 State Street
- Brighton – 391 Market Street
- Dorchester – 250 Codman Avenue
- Springfield – 1350 Main Street
- Waltham – 305 Second Avenue
- Worcester – 500 Lincoln Street
- New Jersey (6 locations):
- Cherry Hill – 1506 Berlin Road
- Holmdel – 670 N Beers Street (closed prior to June 5)
- Jersey City – 125 18th Street
- Spring Lake Heights – 2165 NJ-35 (closed prior to June 5)
- Toms River – 1101 Hooper Avenue
- Woodbridge – 900 St. Georges Avenue
- New York (5 locations):
- Brooklyn – 4502 13th Avenue
- Flushing – 41-06 Main Street
- Manhattan – 1470 Second Avenue
- Queens – 95-25 Queens Boulevard
- Staten Island – 1837 Richmond Avenue
- Pennsylvania (4 locations):
- Allentown – 1603 N Cedar Crest Boulevard
- Philadelphia – 1724 Walnut Street
- Pittsburgh – 4140 Library Road
- Scranton – 1300 Wyoming Avenue
- Florida (4 locations):
- Fort Lauderdale – 1701 E Sunrise Boulevard
- Miami – 2040 SW 57th Avenue
- Orlando – 4625 S Kirkman Road
- Tampa – 3902 Britton Plaza
- Connecticut (3 locations):
- Hartford – 203 Trumbull Street
- New Haven – 994 Chapel Street
- Waterbury – 2084 N Main Street
- Virginia (3 locations):
- Alexandria – 119 S Washington Street
- Richmond – 5201 Hull Street Road
- Virginia Beach – 3333 Virginia Beach Boulevard
- Maryland (2 locations):
- Baltimore – 3601 Boston Street
- Silver Spring – 8661 Colesville Road
- South Carolina (2 locations):
- Charleston – 504 Folly Road
- Columbia – 1501 Main Street
- Washington, D.C. (1 location):
- Georgetown – 1611 Wisconsin Avenue NW
- Maine (1 location):
- Portland – 449 Forest Avenue
- New Hampshire (1 location):
- Manchester – 300 S Willow Street
Customers in Holmdel and Spring Lake Heights, New Jersey, have already experienced disruptions, as these branches closed ahead of the announced June 5 date.
For customers of the affected branches, TD Bank has pledged to make the transition as seamless as possible.
“We are committed to supporting our customers and colleagues through this change,” the spokesperson said.
“They can continue banking at our 1,000+ remaining locations or through our robust digital platforms.”
As TD Bank navigates these closures, it faces the dual challenge of rebuilding trust after the money laundering scandal and adapting to a digital-first banking landscape.
Meanwhile, competitors like PNC Bank are bucking the trend, planning to invest $1 billion in new and renovated branches through 2028, highlighting a divergence in strategies.
While the bank assures minimal disruption, the loss of 38 branches underscores the rapid transformation of the financial industry.
As Masrani stated, “We are fixing our issues and positioning for a stronger future.”
Whether TD Bank can deliver on this promise remains to be seen.
But I’m curious to know what you think — leave your thoughts below.
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