TD Bank has announced the closure of nearly 40 locations this summer following a recent evaluation of its existing stores. The national bank, headquartered in Cherry Hill, New Jersey, confirmed the decision to close 38 locations on June 5. A bank spokesperson mentioned that regular evaluations of TD Bank stores may lead to closures, consolidations, or relocations in alignment with customer needs and preferences. The spokesperson assured that efforts would be made to ensure a smooth transition for affected customers and employees, with service available at other TD Bank locations or through digital banking services. Despite the closures, TD Bank has opened three new stores – two in New York and one in Boston.
The locations being closed were identified in data from the Office of the Comptroller of the Currency. Last year, TD Bank reached a settlement to pay over $3 billion in penalties for money laundering violations, making it the largest U.S. bank to plead guilty to such crimes. The government criticized TD Bank for disregarding red flags from high-risk customers and facilitating a conducive environment for illicit activities. In response, the bank’s President and CEO committed to making necessary changes to strengthen the institution, emphasizing compliance and meeting regulatory obligations.
