New Jersey residents may soon face fewer banking options as TD Bank plans to close nearly 40 branches, including several in the Garden State. Here’s what we know about the closures, and the reasons behind them.
Which TD Bank Branches Are Closing in New Jersey?
According to reports from The Daily Voice, TD Bank will shut down six branches across New Jersey. These closures are part of a larger plan to reduce the bank’s physical footprint. The affected locations are:
| Branch Address | City |
|---|---|
| 85 Pompton Avenue | Cedar Grove |
| 1 Royal Road | Flemington |
| 670 Laurel Avenue | Holmdel |
| 191 E. Route 70 | Marlton |
| 145 Skyline Drive | Ringwood |
| 555 Warren Avenue | Spring Lake Heights |
The closures are expected to begin in June, with affected customers being informed ahead of time. TD Bank currently operates approximately 280 branches throughout New Jersey.
Why is TD Bank Closing These Branches?
TD Bank’s decision to close several branches comes after facing significant challenges, including a major financial settlement. The bank was recently involved in a $3 billion settlement related to a money laundering investigation. TD Bank pleaded guilty to conspiracy charges and admitted to failing in anti-money laundering practices, a situation that has directly influenced the branch closures.
This legal matter has also led to changes in the bank’s executive structure, including a reduction in salary for Leo Salom, the head of TD Bank’s U.S. retail banking operations.
Chairman of TD Bank’s board, Alan MacGibbon, acknowledged the difficulties the bank faced in 2024, stating, “There is no doubt that 2024 was a challenging year for TD. The gravity of TD’s U.S. anti-money laundering failures, the associated costs, and the limitations imposed on the U.S. retail business had and will continue to have a significant impact on the bank.”
Impact on Customers and the Community
The closure of these branches, though part of TD Bank’s strategy to streamline operations, will affect many customers who may need to find new locations for their banking needs. With 280 branches currently operating in New Jersey, these closures represent only a small fraction, but they still highlight the bank’s efforts to adapt to financial pressures, regulatory scrutiny, and the shift towards digital banking.
For many customers, the most immediate impact will be the inconvenience of having to travel further to access services. However, TD Bank has assured its clients that online banking options will remain a viable alternative, offering services such as mobile deposits and account management from the comfort of home.
Banking Industry Trends
TD Bank’s move is part of a broader trend within the banking industry, where banks are increasingly reducing their physical branch presence as customers continue to embrace online and mobile banking solutions. This is especially true in urban areas where demand for in-person banking has diminished in recent years.
For more information on how to transition to digital banking or to find the nearest open TD Bank branch, customers are encouraged to visit the official TD Bank website or contact customer service.