TD Bank has confirmed plans to shut down six of its branches in New Jersey this June as part of an ongoing review of its retail locations. The affected branches are:
- Cedar Grove: 85-107 Pompton Ave.
- Holmdel: 670 S. Laurel Ave.
- Marlton: 191 E. Route 70
- Ringwood: 145 Skyline Drive
- Raritan Township: One Royal Road
- Spring Lake Heights: 555 Warren Ave.
Branch Closures Already Underway
The Holmdel and Spring Lake Heights branches have already closed ahead of the official closure date of June 5, 2024, which was announced by TD Bank in March. The bank stated that the closures are part of a broader strategy to evaluate and adjust its physical network to better meet the needs of customers and communities.
Why Are the Branches Closing?
According to TD Bank, the decision to close these branches comes after reviews of store traffic, customer needs, product use, and the local community landscape. These types of evaluations are a common practice across the banking industry, especially as customer expectations evolve in response to changing business conditions. TD Bank emphasized that the closures are a part of an ongoing process to streamline its operations and improve customer service.
TD Bank’s Commitment to Customers
Despite the closures, TD Bank reassured customers and employees that it is committed to ensuring a smooth transition. A bank spokesperson said, “We continuously evolve our retail business to better meet the needs of customers, colleagues, and communities.” The bank is working to provide alternatives for customers who may be impacted by the branch closures.
Bank’s Ongoing Challenges and Strategy
TD Bank, which operates under the parent company Toronto-Dominion Bank, has faced some challenges recently. In 2024, the bank was the subject of a major money laundering probe, leading to a $3 billion settlement. Despite this, TD Bank has been working to ramp up its anti-money laundering efforts and has expressed confidence that it will emerge stronger from the situation. CEO Bharat Masrani recently acknowledged that the money laundering probe had slowed branch expansion plans but remains optimistic about the future.
More Branch Closures on the Horizon
TD Bank is not the only bank making adjustments to its physical locations. Santander has also announced plans to close several branches between July 31 and August 21, with the closures primarily affecting customers in the northeastern United States.
