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By Dan Cody

Digital Media Reporter

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TD Bank is set to close 38 branches across 10 states and Washington, D.C., as part of a strategic move to optimize its operations.

The decision follows the financial institution's efforts to recover from a $3 billion settlement with the U.S. Department of Justice (DOJ) over money-laundering violations. The closures, which will take effect by June 5, come amid a broader shift in customer banking habits and an industry-wide trend of downsizing physical locations in favor of digital services.

A TD Bank representative told Fast Company: "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."

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"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."

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The bank, which has about 1,100 locations across the U.S., is closing branches primarily in the Northeast and Mid-Atlantic regions, with some closures in the Southeast.

The affected states include Connecticut, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Virginia and Washington, D.C.

State-by-State List of TD Bank Closures

• Connecticut (2)

  • North Branford – 1289 Foxon Road, North Branford
  • Torrington Commons – 215 High St, Torrington

• District of Columbia (1)

  • Georgetown – 1611 Wisconsin Avenue NW, Washington, D.C.

• Florida (3)

  • Beville Nova – 1590 South Nova Road, Daytona Beach
  • Main Blvd – 160 NW Main Blvd, Lake City
  • South Beach 5th Street – 500 Collins Avenue, Miami Beach

• Maine (5)

  • Fairfield – 112 Main St, Fairfield
  • Fort Kent – 62 West Main, Fort Kent
  • Gorham – 95 Main Street, Gorham
  • Houlton – 6 North St, Houlton

• Massachusetts (6)

  • Bradford – 860 South Main St, Bradford
  • East Longmeadow – 465 North Main St, East Longmeadow
  • Framingham – 420 Franklin St, Framingham
  • Holyoke – 50 Holyoke St, Holyoke
  • Methuen – 547 Broadway, Methuen
  • Tewksbury – 2345 Main Street, Tewksbury

• New Hampshire (4)

  • Bristol – 10 North Main St, Bristol
  • Contoocook – 884 Main St, Contoocook
  • Hampton – 40 High St, Hampton
  • Wilton – 905 Elm St, Wilton

• New Jersey (5)

  • Cedar Grove – 85-107 Pompton Avenue, Cedar Grove
  • Marlton – 191 E Route 70, Marlton
  • Ringwood – 145 Skyline Drive, Ringwood
  • Raritan Township – One Royal Rd, Raritan Township
  • Spring Lake Heights – 555 Warren Avenue, Spring Lake Heights

• New York (5)

  • 42nd and Madison – 125 Park Avenue, New York
  • 45th and Lexington – 451 Lexington Avenue, New York
  • Dolson Avenue – 156A-B Dolson Avenue, Middletown
  • Downtown – 136 Margaret Street, Plattsburgh
  • Greenlawn – 460 Pulaski Road, Greenlawn

• Pennsylvania (3)

  • Chestnut Hill – 8600 Germantown Pike, Philadelphia
  • Frazer – 101 Lancaster Avenue, Frazer
  • Morrisville – West Trenton Ave & Carlisle Ave, Morrisville

• South Carolina (2)

  • Columbia Main – 1501 Main Street, Columbia
  • Thornblade – 6 Elmshorn Drive, Greer

• Virginia (2)

  • Centreville – Centreville Drive and Machen Road, Centreville
  • Reston – 1750 North Hampton Avenue, Reston

Industry Trends and TD Bank's Future Strategy

TD Bank's branch closures align with an industry-wide shift toward digital banking services. Many banks are reducing their physical footprints due to declining in-person traffic, increasing mobile banking use and efforts to lower operational costs.

The bank is also undergoing leadership changes. Raymond Chun, former chief operating officer and group head of Canadian personal banking, was named CEO in February. Allison Robinson was appointed head of retail distribution, while Andrew Stuart took over U.S. consumer products, auto finance and wealth management, according to Banking Dive.

The restructuring comes in the wake of TD Bank's legal troubles. The DOJ found that between 2018 and 2024, the bank failed to monitor $18.3 trillion in payments, allowing more than $600 million in money laundering transactions. As a result, the bank faced over $3 billion in penalties and an asset cap of $434 million.

Despite these setbacks, TD Bank had previously announced plans to open 150 new branches in the southeastern U.S. by 2027. However, those expansion efforts have been delayed due to the bank's ongoing compliance challenges.

What This Means for Customers

Leo Salom, CEO of TD's U.S. division, said: "Under their joint leadership, TD will continue on our Consumer Banking journey to provide exceptional products and services, modernize our stores, and improve the digital banking experience, while accelerating innovations and evolving the experience that our more than 10 million customers have come to expect from us," according to Banking Dive.

Customers seeking alternative branch locations or additional support can visit TD Bank's website or contact customer service for further assistance.

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