TD Bank Shutters Six NJ Branches Amid Regional Closures
TD Bank is closing 38 branches across its East Coast service area, including six locations in New Jersey, as part of what the company describes as a normal evaluation of its retail network. The closures, scheduled for June 5, come as the banking giant continues to navigate the aftermath of a major money laundering scandal that resulted in a $3 billion fine last year.
The New Jersey locations slated for closure span from North Jersey to the Shore, affecting communities in Bergen, Hunterdon, Monmouth, Burlington, and Passaic counties. According to Patch, the shuttering branches include sites in Cedar Grove, Flemington, Holmdel, Marlton, Ringwood, and Spring Lake Heights.
Streamlining Operations After Legal Troubles
The closures represent approximately 3% of TD Bank’s total branch network and follow what has been a challenging period for the financial institution. Last October, TD Bank became the first national bank to plead guilty to federal money laundering charges, agreeing to pay a $3 billion fine for failing to meet its responsibilities under the Bank Secrecy Act.
Federal authorities determined that deficiencies in the bank’s anti-money laundering compliance program “allowed criminal proceeds to flow” to Colombian drug cartels for more than a decade. This legal settlement has forced the bank to reconsider its expansion plans, including a previously announced goal to open 150 new branches by 2027.
“As part of our normal business practices, we regularly evaluate existing TD Bank stores, which may result in some closures, consolidations, or relocations as we look for opportunities to better align our network of stores with customer needs and preferences,” a spokesperson said in a statement to media outlets.
I feel bad for @TDBank_US’s employees, but they shouldn’t be working for a criminal organization.
— *Tap, tap, tap* is this thing on? (@tap_tap_tap1) March 12, 2025
TD Bank is sketchy as fuck! Avoid! Don’t use, don’t borrow, don’t work for! pic.twitter.com/QbKOT1kKJL
New Jersey Impact
The specific New Jersey locations closing on June 5 are:
• 85 Pompton Ave. #107, Cedar Grove
• 1 Royal Rd., Flemington
• 670 Laurel Ave., Holmdel
• 191 E. Rte. 70, Marlton
• 145 Skyline Dr., Ringwood
• 555 Warren Ave., Spring Lake Heights
After these closures, TD Bank will maintain 216 locations across New Jersey, where the bank’s U.S. headquarters are based in Cherry Hill. The company has emphasized its commitment to ensuring a smooth transition for affected customers, directing them to nearby branches or digital banking options.
"TD Bank chose profits over compliance, in order to keep its costs down. That decision is now costing the bank billions of dollars in criminal and civil penalties." – Attorney General Merrick B. Garland pic.twitter.com/MeTwLHd1h0
— U.S. Department of Justice (@TheJusticeDept) October 11, 2024
Part of a Broader Regional Adjustment
The New Jersey closures are part of a larger regional realignment primarily affecting TD Bank’s Northeast and Mid-Atlantic operations, with some closures also impacting Southeast locations where the bank had previously targeted for expansion. According to AS.com, the bank is closing branches in ten states plus the District of Columbia.
The affected states include Connecticut, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, and Virginia. In some states, the impact is more severe, with Maine losing four branches and Massachusetts seeing six locations close.
Banking industry analysts note that these closures reflect both TD Bank’s specific challenges and broader industry trends toward digital banking. “We’re seeing a dual phenomenon where banks are both responding to decreased foot traffic at physical locations and using branch closures as a cost-cutting measure when facing financial pressures,” explained financial industry consultant Rebecca Harrington, who was not speaking on behalf of TD Bank.
Leadership Changes Accompany Branch Realignment
The branch closures come amid significant leadership changes at TD Bank. Following the money laundering scandal, the institution has been reshuffling its executive team, particularly in divisions responsible for compliance and retail operations.
Banking industry publication Banking Dive reported that TD Bank characterized these closures as “business-as-usual reviews” despite their proximity to the bank’s legal troubles. However, the timing suggests the bank is taking a more conservative approach to its physical footprint while rebuilding its reputation and compliance systems.
“We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to continuing to provide legendary service via one of our approximately 1,100 stores or any channel our customers choose,” a bank spokesperson stated.
Impact on Employees and Communities
TD Bank has not publicly disclosed how many employees will be affected by these closures or whether staff will be offered positions at other locations. The bank also hasn’t addressed how these closures might impact the communities they serve, particularly in areas where the TD branch represented one of few banking options.
Banking access advocates have expressed concern about the continued trend of branch closures across the industry, noting that they disproportionately affect elderly customers, those with limited digital literacy, and small businesses that rely on cash transactions or in-person banking services.
As the June 5 closure date approaches, affected customers are being encouraged to update their banking relationships by identifying alternative TD branches or exploring the bank’s digital banking options. TD Bank remains the tenth largest bank in the United States despite these adjustments to its physical presence.
