As the year progresses, more bank branches are being closed nationwide banks have announced such closures, including some of the more prominent names such as Bank of America, Wells Fargo. Still, TD Bank’s turn is to reveal its own set of closures, notably in Massachusetts, scheduled for the fall. A TD Bank spokeswoman confirmed the forthcoming changes to MassLive’s local site, advising clients in affected areas.
The decision to close these branches is part of TD Bank’s overall strategy to support long-term growth through innovation and improved customer experience. This strategic strategy comprises both the closing of existing branches and the opening of new ones, as opposed to many of the other banks we’ve listed, which are focused on shrinking. According to the bank’s news release, “TD Bank is committed to building the bank of the future by evolving our model and enhancing capabilities to improve customer experience and enable long-term growth.” The bank periodically examines its physical store network. It looks for opportunities to further align our network of stores to best serve our customers through an ideal combination of accessible TD Bank locations and digital banking products and services.”
Although TD Bank’s strategic explanation is not clear, some analysts believe the closures are partly due to internal issues the bank had a few months ago, which impacted profitability. One of the most notorious issues involved a money laundering investigation against the US Department of Justice, in which the bank was accused of assisting in the laundering of money. Although the bank has fully cooperated with regulators, these internal concerns may have caused it to streamline its operations faster and more effectively.
Which TD Bank branches are set to close?
Massachusetts, where TD Bank has a significant presence, has been the most affected by these closures. The following branches are planned to close forever:
- Boston (MGH): 250 Cambridge Street.
- Boston (Post Office Square): 185 Franklin Street.
- Brewster, Route 6A, and Underpass Road
- Burlington, 2200 District Ave.
- Lexington (Field): 419 Lowell Street.
- Belmont, 307 Trapelo Road
- Pocasset, 2 Barlows Landing Road
This isn’t the first time TD Bank has closed branches. Earlier this year, the bank announced the closing of several other locations as part of its ongoing optimization efforts, and there is no indication that some of its existing branches will remain open shortly, despite their claims that they are on track to grow their in-person offerings in new locations.
A bank representative stated that, despite these closures, TD Bank remains committed to its branch network, which is consistent with CEO Leo Salom’s statement at the beginning of the year: “We’re doing some store optimization this year, but we’re still dedicated to to the store network. The closing of bank branches in recent years shows substantial changes in the banking business and consumer behavior. This broader phenomenon has a variety of reasons and repercussions for consumers and communities. Still, by opening new branches in underserved areas, TD Bank may be able to corner a portion of the market that cannot exist online due to their specific barriers to entry, allowing them to improve their economic goals and ensure a sustainable business model.
