TD Bank to Close 38 Branches Nationwide, Including Six in Massachusetts
TD Bank plans to close 38 locations across 10 states and D.C. on June 5. The closures will affect less than 4% of their U.S. branches.
In Massachusetts, six local branches will close their doors in Bradford, East Longmeadow, Framingham, Holyoke, Methuen and Tewksbury. New Jersey will see the same number of closures as Massachusetts.
A TD spokesperson told the Philadelphia Business Journal that employees affected by the changes will receive support and resources during the transition.
The announcement follows TD’s $3.2 billion fine over money laundering control problems in October 2024. While bank officials haven’t linked the penalty to these closures, the timing suggests possible cost-cutting efforts.
Despite the closures, TD continues to grow. They’re opening a new community branch in Boston’s Nubian Square this spring. The bank still plans to open 150 new locations by 2027 – a target set after dropping their bid to buy First Horizon Bank.
TD still runs about 1,100 U.S. branches, though their presence keeps changing. Last year they closed 53 locations while opening eight new ones as part of their revised strategy.
The bank monitors customer behavior, weighing the importance of physical locations against growing online banking use. These patterns influence their decisions about which branches to keep open.
While jobs will be cut, TD hasn’t revealed how many workers will be affected. They’ve promised to help impacted employees but haven’t shared specific details about staffing changes.