Major bank with 1,100 branches sparks alarm as it plans to shutter 38 locations in weeks
America's seventh biggest bank will shut 38 branches in the coming weeks as it continues to roil from massive penalties related to failures in its anti-money laundering controls.
TD Bank has filed notice with the Office of the Comptroller of the Currency (OCC) to close locations across 10 states on June 5.
Closures will include six each in New Jersey and Massachusetts, five in New York, four in New Hampshire and Maine, and three in Pennsylvania and Florida.
Of the bank's roughly 1,100 branches across the US, it also plans to shutter two locations each in Connecticut, Virginia and South Carolina, and one in Washington D.C.
It comes as banks are shutting branches across the US, leaving communities without access to vital services.
Experts are warning that 2025 could be the worst year yet for closures.
TD — ranked seventh in branch numbers and tenth in assets under management — said the closures could lead to some layoffs of branch employees, according to The Philadelphia Business Journal.
The bank has been in cost-cutting mode since an investigation into its anti-money laundering compliance efforts ended in October with a $3.2 billion fine.
The investigation revealed that failures in TD's compliance efforts allowed criminals to launder millions in proceeds from fentanyl and narcotics trafficking.
It also found that drug traffickers were able to bribe employees in some US branches, Reuters reported.
TD became the largest bank in US history to plead guilty to violating a federal law aimed at preventing money laundering.
The plea deal also includes a rare imposition of a tight cap on its assets and other business limitations.
In February, the bank also brought in former chief operating officer Raymond Chun as its new chief executive officer, replacing former CEO Bharat Masrani.
TD did not directly respond to The Philadelphia Business Journal's question asking whether the branch closures are part of the bank's cost-cutting strategy.
It said the bank 'regularly evaluates its physical store network and looks for opportunities to better align our network of stores to best serve our customers through an optimal mix of convenient TD Bank locations and digital banking products and services.'
It comes as US banks filed to shut 42 local branches in just under a month earlier this year.
TD Bank has filed notice with the Office of the Comptroller of the Currency (OCC) to close locations across 10 states on June 5
Past and current CEOs of TD Bank Group: Raymond Chun (right) succeeded Bharat Masrani (left) as Group President and CEO of TD Bank Group at the Bank's Annual Meeting of Shareholders on April 10, 2025
Between April 1 and April 26, major lenders including Bank of America, Chase, and U.S. Bank were among the 14 banks to notify the Office of the Comptroller of the Currency (OCC) closure plans.
Banks are required to alert the OCC before shutting down a branch. The agency then publishes the filings in a weekly report.
While the listings indicate intent to close, they are not final confirmations.
Last year, banks closed a total of 1,043 branches.
The bloodbath is set to accelerate in 2025, resulting in a further 4.11 percent decrease by the end of the year, a study from Self Financial revealed earlier this year.
'Retail bank closures in the US aren't slowing, and in fact our research shows that the last time this many people relied on a local bank branch was in 1995,' Darren Kingman from Root Digital — who worked on the Self Financial study — told DailyMail.com.
'There's no doubt we're moving towards a cashless society but this increase in people per bank branch and the fact over 200 million Americans still make cash deposits will only mean longer wait times in banks and a potentially a lower overall customer experience,' Kingman explained.
Some 45 percent of Americans still prefer to carry out their banking needs in person, a separate survey by GoBankingRates found.
'The shift towards online banking is growing more intense in 2025,' GoBankingRates lead data content researcher Andrew Murray told DailyMail.com earlier this year.
'Despite the trend towards online banking, our survey data shows more than half of Americans are concerned about the rising number of physical branches that have shut down in the past few years,' Murray explained.
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