Trusted bank closing more locations across 13 states as chiefs make admission to customers

A BANKING giant with more than 1,100 branches across the US is in the process of closing a raft of locations.

Dozens of stores will vanish from the map as chiefs whittle down their portfolio.

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TD Bank chiefs have confirmed the outlets will close by June 5. 

And, the closures will not just impact customers in one state.

Branches in 13 states will be closing over the coming weeks. 

Five branches across the states of New York and New Jersey will close, while six will shut in Massachusetts. 

Bosses have confirmed that branches across Florida, Maine, New Hampshire and Virginia will also close.

The U.S. Sun has compiled a list of the branches that will be closing. 

A total of 38 branches will be closing in total, but these only represent 4% of the company’s store portfolio.

Bosses have said the shutdowns are part of the company’s procedures.

“As part of our normal business practices, we regularly evaluate existing TD Bank stores, which may result in some closures, consolidations or relocations as we look for opportunities to better align our network of stores with customer needs and preferences,” Thomas Rigg, a spokesperson, told the Bergen Record.

Alan MacGibbon, the chair of the board, admitted last year was “challenging” for the company.

The bank was subject of a money laundering probe in 2024, and agreed to pay $3 billion in a settlement.

Merrick Garland, the former attorney general, claimed the bank created an environment for crime to “flourish.”

But chiefs have been beefing up its anti-money laundering measures.

“We know what the issues are, we are fixing them,” Bharat Masrani, the CEO of TD Bank, said.

Last year, Masrani admitted the progress of the company’s branch openings had stalled in light of the money laundering probe.

“And I’m 100% confident that we get to the other side and emerge even stronger.”

TD Bank is not the only company that is closing down branches.

A slew of Santander branches will be closing their doors between July 31 and August 21.

The closures will predominantly affect customers in the north east of the US.

But, bosses told Banking Dive the shutdowns are part of a strategy to refine its footprint.

A spokesperson revealed the company is evolving so it can better meet the needs of its customers.

Research conducted by S&P Global revealed there had been an uptick in the number of net branch closures.

Data revealed Bancorp and Wells Fargo were among the companies closing more branches than opening.

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