AN AMERICAN banking giant is closing its doors at 20 additional locations on the East Coast.
TD Bank is closing several locations in Connecticut, Pennsylvania, Massachusetts, Maine, North Carolina, New Hampshire, New York, New Jersey, South Carolina and Vermont.
In total, TD Bank is scheduled to close 53 locations this year.
“We are focused on building the bank of the future, evolving our model and enhancing capabilities to enhance the customer experience and enable long-term growth,” the bank said in a statement.
“As part of this strategy, the bank regularly evaluates its physical store network and looks for opportunities to better align our store network to better serve our customers through an optimal combination of convenient TD Bank locations and digital banking products and services. ”, they added. .
The news comes as locations in Cherry Hill, Washington Township, Westown, Hatboro and Shippack, Pennsylvania closed earlier this year.
Local customers were furious about the closure, as a he wrote in a Facebook group, “Awful bank!!! I left them years ago.”
Another aired their grievances with the bank in X, writing, “I swear TD Bank goes out of their way to provide the worst service possible. It’s time to find a bank that cares.”
TD PROBLEM
Impacted communities include two branches in Connecticut, three in Pennsylvania, seven in Massachusetts, one in Maine, one in North Carolina, two in New Hampshire, two in New York, one in New Jersey, one in South Carolina and one in Vermont. .
A TD Bank spokesperson said The Philadelphia Business Journal that this is the last batch of closures of the year.
The banking giant previously reported 20 closures in April across the Northeast.
TD Bank’s decision to close these banks comes as the company faces a money laundering investigation against the U.S. Department of Justice.
The department alleged that TD Bank was used by Chinese drug traffickers to launder money from fetanyl sales, Wall Street Journal reported in May.
The bank responded that it was cooperating with law enforcement, and a representative told the WSJ, “This is unacceptable and we must and will do better.”
That same month, TD Bank was forced to end a $13.4 billion deal with First Horizon due to the investigation.
TD Bank US CEO Leo Salom told Philadelphia Business Journal that the franchise’s long-term plans “have not fundamentally changed.”
Bank branches close this month
More than 79 bank branches in several states closed in just over a month.
- JPMorgan Chase closed 18 branches in New York, Pennsylvania, California, Texas, Indiana, Connecticut and Oregon
- Wells Fargo closed 17 branches in Minnesota, Illinois, New Jersey, Connecticut, Ohio, Texas, Florida, Mississippi, California, Arizona and Washington
- Bank of America closed 16 branches in California, New Jersey and Florida
- Fifth Third Bank closed three locations in Indiana and Tennessee
- TD Bank closed a New Jersey branch and a South Carolina branch
- US Bank closed seven branches in California, Ohio, Tennessee, Arkansas and Arizona
- First NB Texas closed its branch in Montebello, California
- Hawaii Bank closed a branch in Chicago
- Huntington Bank closed a branch in Honolulu
- Inwood Bank has closed a Cincinnati location
- KeyBank closed a branch in Portland, Oregon
- Lake Shore has closed its Tomball, Texas location
- LCNB closed its branch in Commerce, Texas
- New Carlisle FSB has closed a location in Jamestown, New York
- NexTier Bank has closed a location in Camp Hill, Pennsylvania
- Northern Interstate Bank has closed a location in Prescott, Arizona
- Park closed a branch in Zanesville, Ohio
- Shore United Bank closed a branch in Annapolis, Maryland
- Trustco closed a branch in Ramsey, New Jersey
- Zions Bancorporation closed a branch in Crystal Falls, Michigan
Although the bank is closing several locations across the country, there are still plans for growth.
Salom previously told the publication that the bank had plans to open 150 new branches.
“We are doing some store optimizations this year, but we are still very committed to the store network,” he added.
“In fact, it is my desire, in the medium and long term, to continue expanding our store network.”
Despite the turmoil at TD Bank, the company reported profits of $2.8 billion in the second quarter of 2024, according to the bank quarterly results.
“We are optimizing some stores this year, but we are still very committed to the store network.”
US CEO Leo Salom
Profits fell 22% compared to TD Bank’s 2023 second-quarter results.
US Sun has reached out to TD Bank for comment.
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This story originally appeared on The-sun.com read the full story
