TD Bank is closing nearly 40 locations this summer after evaluating its existing stores.
The Cherry Hill, New Jersey-headquartered national bank confirmed to USA TODAY that after a recent analysis, it “made the difficult decision to close 38 locations on June 5.”
A spokesperson for the bank said that as part of its normal business practices, it regularly evaluates existing TD Bank stores, which “may result in some closures, consolidations, or relocations.” The evaluations allow the bank to better align its network of stores with “customer needs and preferences,” he added.
“We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to serving them at one of our over 1000+ TD Bank locations or through our digital banking products and services,” the spokesperson said.
Although the bank will be closing some locations, the spokesperson said it has recently opened three new stores – two in New York (Brighton Beach, Brooklyn, and Jerome Avenue, the Bronx), and one in Boston (Nubian Square).
According to the Office of the Comptroller of the Currency data, the closing TD Bank locations include:
Last year, TD Bank agreed to pay over $3 billion in penalties after becoming the largest bank in U.S. history to plead guilty to federal money laundering crimes.
According to the government, TD Bank for years ignored red flags from high-risk customers and created a “convenient” environment for bad actors to exploit.
“TD Bank chose profits over compliance in order to keep its costs down,” U.S. Attorney General Merrick Garland said during a press conference at the time, noting TD was the largest bank to admit to violating the Bank Secrecy Act.
New TD Bank CEO Ray Chun, at the time, said the financial institution would “make the necessary changes to put the bank on a stronger foundation.”
“This is TD’s number-one priority, and my number one priority,” Chun said during a conference call in October 2024. “Make no mistake, we will meet our commitments to our regulators … we will get the job done.”
This article originally appeared on USA TODAY: TD Bank closing nearly 40 branches on June 5: See list
