Major NJ-based bank to close more branches in NJ and PA, report reveals
According to a published report, a large and popular bank based in the Garden State is getting ready to close even more branches.
- This bank has branches in New England, the Mid-Atlantic, the Carolinas, and Florida
- Reports say over three dozen of their branches will close this year
- This bank has over 26,000 employees
- Total assets of $430 billion as of 2022
More people chose online banking over in-person
Why is this bank closing so many branches? Simply put, the days of having (or needing) a bank on every corner are fading because people are doing everyone online these days.
Experts predict that more physical locations of banks will close over the years ahead. Consumer Affairs, citing a survey commissioned by the American Bankers Association, recently found the following:
- 71% of adults prefer mobile apps or online banking to manage their bank accounts
- 9% indicated that their preferred method of banking was in person at a physical bank branch
Side note: speaking of electronic banking, do you still call ATMs "MAC machines?" I found an old MAC sign in the Poconos a few years ago.
TD Bank closing branches in 2025
A report from the Philadelphia Business Journal says TD Bank has applied to close three branches in the suburbs of Philadelphia and one in New Jersey, not too far from its corporate headquarters in Cherry Hill. That branch is on Route 70 in Marlton.
In total, PBJ reports about three dozen TD branches are expected to close sometime this year.
And while that seems like a large number — and it is especially if you frequently use one of those impacted locations — TD Bank still has over 1,000 branches in 15 states and Washington, DC. In other words, this is a relatively small correction to their overall footprint.
TD Bank closed dozens of branches in 2024
The news of these new closures comes after TD closed over four dozen branches last year. Some of those locations around the Philadelphia area included Washington Township, Cherry Hill, and Hatboro, per The U.S. Sun.
TD Bank made headlines last year when, as the ICIJ reported, it "agreed to pay a penalty to settle allegations that it failed to stop drug traffickers and money launderers from pushing hundreds of millions of dollars of illicit funds through the U.S. financial system."
Between the criminal charges and the civil suits, the bank has agreed to pay a total of more than $3 billion to the U.S. authorities, including $1.3 billion to FinCEN — which [the U.S.] Treasury described as 'historic.'
A long history
Those in and around the Philadelphia area may recall the days before TD Bank locations were everywhere. Commerce Bank, with its large red "C" logo, was founded in 1973. For a time, it was famous for using the phrase "no stupid fees, no stupid hours" in its commercials to set itself apart from more traditional financial institutions. TD Bank Financial Group took over Commerce Bank in the fall of 2007.
