A Popular Bank Chain Is Closing Branches Across More Than 10 US States

A slowing economy has been perceptibly taking its toll on how Americans shop, dine, and live. Recently, department stores like Kohl's and even Macy's have announced store closures nationwide. Ditto for casual eateries like Red Lobster, Steak 'N Shake, and even diner chain Denny's. And now, a popular bank chain is joining the ranks by slashing its branches across 10 different states. Although TD Bank might not be a household name for Americans living outside the east coast, the bank boasts over 10 million customers, and is ranked among the 10 largest banks in the United States, as determined by assets.

TD Bank, a subsidiary of Canada's Toronto Dominion Bank, was originally formed in Canada approximately 170 years ago to service Toronto's burgeoning grain industry. Nowadays, it boasts more than 1,100 brick and mortar branches within its southern neighbor; the United States. However, that impressive number of branches is about to be cut by approximately 38. As of 2025, TD Bank has locations in 15 different states — all along the east coast — plus Washington D.C. But soon, the institution that bills itself as America's most convenient bank may no longer be able to live up to the moniker as it shutters branches across 10 of those states, as well as the District of Columbia, in the next 90 days.

According to what a TD bank spokesperson told Banking Dive, the newly-announced TD Bank closures are merely the result of regular performance reviews of the company's physical network. Another spokesperson told the Daily Voice that "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."

Still, one can't help but wonder if the closures are at least partly related to budget constraints resulting from the $3 billion penalty that TD Bank was saddled with in late-2024. The penalty was the result of the bank pleading guilty to making it easy for criminal operators, including sellers of fentanyl, to launder money through the bank. Specifically, the bank failed to adequately monitor more than $18 trillion worth of payments that occurred during a six year period ending in 2024. In a 2024 statement from the U.S. Department of Justice, then Attorney General Merrick Garland remarked, "By making its services convenient for criminals, TD Bank became one." Garland also said that TD Bank was "the first US bank in history to plead guilty to conspiracy to commit money laundering" and that the bank "chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties."

In the wake of the budget-busting $3 billion penalty last year, there has been considerable movement within TD Bank's executive team — namely its CEO of more than a decade, Bharat Masrani, departed. Perhaps more directly correlated to the branch closures, new heads of both retail distribution and U.S. consumer products have recently been appointed. Per a March 2025 press release, "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 [...]."

As to which states will be most affected by the TD Bank branch closings, New Jersey and Massachusetts are the hardest hit with six locations shuttering in each state. New York is losing five locations, followed by four branches closing in both Maine and New Hampshire. To round out the 38 branches that are closing, additional shutdowns are set to occur in Connecticut, Florida, Pennsylvania, South Carolina, Virginia, and Washington D.C. Reportedly, all closings will be complete by June 5, 2025 at the latest. If you find yourself considering a new financial institution this year, remember that it's extremely important to shop around before deciding on a new bank.