TD Bank Closes 16 Branches in New England

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TD Bank, one of the most well-known banks in the United States, has announced the closure of several branches, affecting communities throughout New England. Among them are six in Massachusetts, according to documents filed with federal regulators.

Affected Branches from TD Bank

In Massachusetts, the closures will impact East Longmeadow, Tewksbury, Holyoke, Framingham, Haverhill, and Methuen. These branches are scheduled to close on June 5, according to company spokesman Thomas Rigg. Additionally, four branches will be closed in New Hampshire (Bristol, Wilton, Hampton, and Hopkinton), four in Maine, and two in Connecticut.

Rigg explained that these TD Bank closures are part of a strategy to optimize the branch network and better respond to customer preferences. However, it has not been specified how many employees will be affected, although the bank promises to provide support to those facing this transition.

Last Year's Agreement

The closures come after a difficult 2024 for the institution. Last year, the bank agreed to pay $1T4T3 billion to the Department of Justice after admitting to security lapses that allowed hundreds of millions of dollars to be laundered. This precedent could be influencing the decision to consolidate operations. Despite this, TD Bank, headquartered in Cherry Hill, New Jersey, maintains its commitment to Massachusetts, where it operates in 149 cities and towns.

Future Plans and New Openings

Although the closures reduce its physical presence, the institution will not withdraw from the market. Last September, it closed seven branches in eastern Massachusetts, but plans to open a new location in Nubian Square this May. This new branch, focused on low- to middle-income communities, reflects an effort to balance closures with strategic investments.

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Fountain: The Boston Globe