You could soon have fewer banking options in New Jersey.
Multiple news outlets are reporting TD Bank is set to close nearly 40 branches, including several in New Jersey.
Here’s what we know.
Which TD Bank branches are closing in New Jersey?
TD Bank is set to close six branches in New Jersey, according to reporting by The Daily Voice.
They are:
- 85 Pompton Avenue, Cedar Grove
- 1 Royal Rd., Flemington
- 670 Laurel Ave., Holmdel
- 191 E. Rte. 70, Marlton
- 145 Skyline Dr., Ringwood
- Â 555 Warren Ave., Spring Lake Heights
TD Bank will begin closing targeted branches in New Jersey and elsewhere in June, reports indicate.
The banking firm operates roughly 280 locations in New Jersey.
Why is TD Bank closing branches?
TD Bank has been plagued by issues lately, including the $3 billion TD Bank paid to resolve a money-laundering probe in which it pleaded guilty to conspiracy and money laundering.
That probe not only played a part in the latest round of TD Bank closures, but also led to a reduction in salary for TD Bank’s U.S. retail banking head Leo Salom.
“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.”
Damon C. Williams is a Philadelphia-based journalist reporting on trending topics across the Mid-Atlantic Region.