TD Bank has announced the closure of multiple branches in Massachusetts, effective September 20. This decision is part of the bank’s broader strategy to innovate and enhance the customer experience while supporting long-term growth. A TD Bank spokesperson shared these details with MassLive to help customers prepare for the changes and complete any necessary transactions before their local branches close.
Strategy
TD Bank emphasized its commitment to “building the bank of the future” by evolving its model and enhancing its capabilities. The bank regularly evaluates its physical branch network to better align with customer needs, combining convenient locations with digital banking services.
Upcoming Closures
Despite these reassurances, the upcoming closures are significant. TD Bank has identified seven branches in Massachusetts that will close on September 20:
- Boston (MGH): 250 Cambridge St.
- Boston (Post Office Square): 185 Franklin St.
- Brewster: Route 6A and Underpass Road
- Burlington: 2200 District Ave.
- Lexington (Countryside): 419 Lowell St.
- Belmont: 307 Trapelo Road
- Pocasset: 2 Barlows Landing Road
This move follows earlier closures this year in South Hadley and Worcester, indicating a trend of downsizing within the state.
Internal Challenges
The decision to close these branches comes after TD Bank faced significant internal challenges, including an investigation by the U.S. Department of Justice for money laundering allegations related to fentanyl sales. These issues have impacted the bank’s profitability and may have accelerated the need to reassess its branch network.
Future Plans
Despite the closures, TD Bank remains committed to maintaining a robust branch network. The bank plans to open a new branch in Boston’s Nubian Square neighborhood in 2025, reflecting its ongoing investment in key locations. Additionally, TD Bank’s CEO, Leo Salom, announced plans for over 150 new branches, highlighting the bank’s long-term strategy to grow its physical presence.
Commitment
TD Bank has assured customers and employees that the transition will be as smooth as possible. The bank remains dedicated to providing excellent service through various channels, including its remaining 126 locations in Massachusetts.
TD Bank’s recent decisions reflect a strategic shift towards optimizing its physical footprint while continuing to invest in areas that promise greater convenience and enhanced services for customers. The closures, though challenging for some, are part of a broader effort to balance in-person and digital banking solutions.
These changes underscore TD Bank’s strategy to adapt to the evolving banking landscape. By closing underperforming branches and opening new ones in strategic locations, TD Bank aims to enhance customer experience and support long-term growth.
FAQs
Why is TD Bank closing branches in Massachusetts?
TD Bank is optimizing its branch network to improve customer experience and support growth.
Which branches are closing?
Seven branches, including locations in Boston, Brewster, Burlington, Lexington, Belmont, and Pocasset.
When will the branches close?
The branches will close on September 20, 2024.
Are more branches closing this year?
TD Bank already closed branches in South Hadley and Worcester earlier in 2024.
Will new branches open?
Yes, a new branch is planned for Boston’s Nubian Square neighborhood in 2025.