A leading North American financial institution is scaling back its U.S. footprint, with TD Bank confirming the closure of dozens of its branches nationwide — including six locations in New Jersey, home to its American headquarters.
The impacted New Jersey branches are:
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Cedar Grove – 85-107 Pompton Avenue
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Holmdel – 670 South Laurel Avenue
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Marlton – 191 East Route 70
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Ringwood – 145 Skyline Drive
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Raritan Township – One Royal Road
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Spring Lake Heights – 555 Warren Avenue
According to TD Bank, the Holmdel and Spring Lake Heights branches have already ceased operations prior to the official closure date of June 5.
Why Are These Closures Happening?
The closures come as part of TD Bank’s routine review of its retail locations. A bank spokesperson explained that evaluations focus on factors such as branch traffic, customer behavior, community dynamics, and product usage. These insights help the bank decide where changes are necessary, mirroring a trend seen throughout the financial services industry.
“We continually assess how best to serve our communities while aligning with evolving customer expectations,” the spokesperson said. “These changes allow us to better meet the needs of our customers and colleagues.”
TD Bank emphasized its commitment to supporting customers and staff through the transition, ensuring continuity of service where possible through online banking and nearby branches.
Broader Impacts and Industry Context
The 38 TD Bank branches slated to close across the U.S. account for only 4% of the bank’s nationwide locations, indicating a relatively modest contraction.
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TD Bank, officially known as Toronto-Dominion Bank, is a Canadian-based multinational with U.S. headquarters in Cherry Hill, New Jersey. It operates over 1,100 branches across the United States and provides a wide array of services, including:
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Personal and business banking
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Wealth management
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Commercial lending
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Investment services
Legal Troubles and Financial Adjustments
The bank has faced scrutiny in recent months. In 2024, TD Bank became the subject of a $3 billion money laundering settlement. Former U.S. Attorney General Merrick Garland criticized the bank for fostering conditions that allowed illicit financial activities to grow.
In response, TD Bank has taken steps to bolster its internal compliance and risk management systems. CEO Bharat Masrani addressed the issue publicly, assuring stakeholders that the bank is actively addressing deficiencies.
“We’ve identified the challenges, and we are taking corrective actions,” Masrani stated. “I’m confident we will emerge stronger from this.”
These legal and operational hurdles have reportedly slowed TD Bank’s expansion plans, prompting a more conservative approach to growth.
More Branch Closures Across the Industry
TD Bank is not alone in its decision to reduce branch counts. Santander Bank has also announced a series of closures scheduled between July 31 and August 21, largely affecting the Northeast region. This reflects an industry-wide move toward digital banking solutions, as customer behavior continues to shift toward online and mobile platforms.
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What Customers Can Do
If your local TD Bank branch is closing:
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Visit td.com to locate alternative branches or ATMs
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Consider switching to mobile or online banking for daily transactions
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Call customer service for assistance in transitioning accounts or services
TD Bank’s realignment highlights a growing trend in the financial industry: optimizing physical operations while doubling down on digital solutions. Although closures are never easy, they signal a larger transformation in how banks serve modern customers.
