TD Bank is set to close six branches across New Jersey, including one in South Jersey, by June.
They are among 38 locations that are being closed nationwide by the Canadian bank, which has its U.S. headquarters in Cherry Hill. Those closures will go into effect on June 5.
“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,” said TD Bank spokesperson Thomas Rigg.
What NJ TD Bank locations are closing?
Rigg said the six branches across New Jersey that will close are:
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85 Pompton Ave., Cedar Grove.
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1 Royal Road, Flemington.
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670 Laurel Ave., Holmdel.
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191 E. Route 70, Marlton.
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145 Skyline Drive, Ringwood.
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555 Warren Ave., Spring Lake Heights.
The bank will have 216 New Jersey branches once those six closures go into effect, Rigg said.
TD Bank plagued by money-laundering settlement
TD Bank has been plagued lately by issues including the $3 billion the company had to pay to resolve a money-laundering probe in which it pleaded guilty to conspiracy and money laundering.
Investigators have been investigating TD's internal controls since agents discovered that a Chinese criminal operation bribed employees and brought large bags of cash into branches to launder millions of dollars in fentanyl sales through TD branches in New York and New Jersey, authorities said.
That probe led to a reduction in salary for TD Bank's U.S. retail banking chief, Leo Salom.
Rigg said the closures were "normal business activities" and not related to the settlement.
"There is no doubt that 2024 was a challenging year for TD," board Chairman Alan MacGibbon said. "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."
More closures in your area: These South Jersey Rite Aid stores are closing amid another bankruptcy filing
Impact on community banking
”A lot of individuals really only access financial services through their local bank branches," Leila Amirhamzeh, director of development at the progressive advocacy group New Jersey Citizen Action, said in an interview last year. “Any branch closure is going to impact the community."
Provident and Lakeland banks finalized a merger in May 2024 and closed 22 branches across New Jersey.
Activists and federal lawmakers warned that banking mergers could lead to fewer branches serving the most at-risk residents, including minorities, elderly people and those with lower incomes, essentially creating “banking deserts.”