When we talk about brick-and-mortar closures, we're typically reporting on retail stores. This year alone, JOANN, Big Lots, and Macy's have all announced significant closings or that they're going out of business entirely. But in today's retail climate, it appears that even banks are not immune to the pressure, as TD Bank just shared that it will shutter branches in 11 states this year.
RELATED: 15,000 More Stores Will Close This Year, Report Predicts—These Are the Retailers Most in Trouble.
TD Bank is dealing with the fallout from a $3B money laundering case.
In the past, news regarding bank closures has typically revolved around the country's most prominent players, like Chase, Wells Fargo, and Bank of America (the three biggest banks in the U.S., according to Statista). But now, TD Bank, which has just over 1,000 locations (compared to Chase's 4,700+) will join the club—albeit for different reasons.
In Oct. 2024, "TD Bank pled guilty to conspiracy to commit money laundering and agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice's investigation into money laundering and Bank Secrecy Act violations," reported law firm Bradley at the time. "When combined with agreements with the Federal Reserve, the Office of the Comptroller of the Currency and the U.S. Treasury Department's Financial Crimes Enforcement Network, the Toronto-based bank will pay approximately $3.09 billion in penalties."
The scandal came after it was exposed that TD had "failed to monitor $18.3 trillion in payments between 2018 and 2024," some of which were tied to the fentanyl trade, Banking Dive explains.
Before their legal issues, TD had plans to open 150 new locations by 2027, but after a slew of leadership changes, things look a bit different.
TD Bank will close 38 branches this year.
According to Fast Company, the 38 bank closures were listed in filings to the Office of the Comptroller of the Currency (OCC).
"As part of our ongoing strategic and business-as-usual reviews of TD’s retail locations, we evaluate things like store traffic, customer needs, product use, and community landscape to determine any needed changes to our physical network," a TD spokesperson told Fast Company. "We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to continuing to provide legendary service via one of our approximately 1,100 stores or any channel our customers choose."
The following impacted branches will close on June 5, 2025:
Connecticut
- North Branford Branch: 1289 Foxon Road
- Torrington Commons: 215 High Street
Florida
- Beville Nova, Daytona Beach: 1590 South Nova Road
- Lake City: 160 NW Main Blvd
- South Beach 5th Street Branch, Miami Beach: 500 Collins Avenue
Maine
- Fairfield: 112 Main Street
- Fort Kent: 62 West Main
- Gorham Branch: 95 Main Street
- Houlton: 6 North Street
Massachusetts
- Bradford: 860 South Main Street
- East Longmeadow: 465 North Main Street
- Framingham: 420 Franklin Street
- Holyoke: 50 Holyoke Street
- Methuen: 547 Broadway
- Tewksbury: 2345 Main Street
New Hampshire
- Bristol: 10 North Main Street
- Contoocook: 884 Main Street
- Hampton: 40 High Street
- Wilton Lyndeborough: 905 Elm Street
New Jersey
- Cedar Grove: 85-107 Pompton Avenue
- Marlton East Branch: 191 East Route 70
- Ringwood: 145 Skyline Drive
- Raritan Township: One Royal Road
- Spring Lake Heights: 555 Warren Avenue
New York
- 42nd and Madison Branch, Manhattan: 125 Park Avenue
- 45th and Lexington Branch, Manhattan: 451 Lexington Avenue
- Middletown: 156A-B Dolson Avenue
- Plattsburgh: 136 Margaret Street
- Greenlawn: 460 Pulaski Road
Pennsylvania
- Chestnut Hill, Philadelphia: 8600 Germantown Pike
- Frazer: 101 Lancaster Avenue
- Morrisville: West Trenton Ave & Carlisle Avenue
South Carolina
- Columbia: 1501 Main Street
- Greer: 6 Elmshorn Drive
Virginia
- Centreville: Centreville Drive and Machen Road
- Reston: 1750 North Hampton Avenue
Washington D.C.
- Georgetown: 1611 Wisconsin Avenue NW
