Copyright The Street
Not too long ago, visiting a physical bank branch was an essential part of managing one’s finances, whether it meant opening an account, cashing a check, or depositing funds. With the rise of digital banking, this is becoming a thing of the past, which makes entering a traditional brick-and-mortar branch feel like an outdated experience. The convenience of banking apps has now placed financial management at one’s fingertips. As consumers increasingly embrace digital options, many banking companies are reassessing their physical footprints, realizing that they may now have more branches than demand requires in today’s modern banking era. One of the largest banks in the U.S. has taken a major step in this direction, initiating a significant restructuring effort to better align with evolving consumer habits and meet their needs, which could mark the beginning of a possible bank-wide overhaul. TD Bank (TD) plans to close 51 branches and one drive-through location across 13 states and Washington, D.C., by the end of 2026. This move is part of the bank’s goal to reduce or relocate 10% of its physical locations. The company currently operates 2,154 retail locations across North America, including 1,100 branches in the U.S., placing it among the nation’s top 10 banks, according to TD’s Q3 2025 Investor Presentation. Although TD has yet to disclose how many jobs will be affected by the closures, the company employs 28,817 workers across its U.S. retail operations. TD Bank shifts its strategy toward digital banking During its 2025 Investor Day, TD Bank unveiled an ambitious cost reduction plan targeting $2 billion to $2.5 billion in savings. These cuts will support investments in digital and mobile banking, as the company seeks to deliver a more seamless omnichannel experience. “We are confident we can achieve this goal because we have clear line-of-sight across various levers,” said TD Bank CFO Kelvin Tran. More Closures: Macy’s announces unexpected closure ahead of holiday season Iconic gym chain shuts down 23 locations 93-year-old grocery, supermarket chain keeps closing stores “These include distribution transformation as we migrate more transactions to digital channels, global delivery workforce as we consolidate with vendors to drive synergies from scale, automation & AI, and technology & data modernization.” TD aims to achieve 50% of total sales acquired digitally, 70% digital adoption, and 90% of transactions handled via self-serve platforms, which signals customers’ increasing preference for digital banking over in-person visits. TD Bank’s closures follow alarming legal challenges This is not TD Bank’s first time conducting mass closures. Earlier this year, it closed dozens of branches across 10 states and Washington, D.C., in an effort to streamline its operations. However, this round of shutdowns came months after TD faced scrutiny over its compliance practices. In October 2024, the U.S. Department of Justice (DOJ) revealed that TD had failed to maintain an effective anti-money laundering program, allowing illegal transactions to go unreported, according to the DOJ. TD pleaded guilty to the charges and was ordered to pay $1.8 billion in penalties for neglecting oversight of $18.3 trillion in transaction activity. List of TD Bank locations closing: Connecticut 123 East Main Street, Plainville, CT, 06062 826 Wolcott Road, Wolcott, CT, 06716 60 Redding Road, Redding, CT, 06829 Washington, D.C. 2000 K Street, NW, Washington, DC, 20006 Florida 255 Alhambra Circle, Coral Gables, FL, 33134 1500 NE Miami Gardens Drive, North Miami Beach, FL, 33179 2208 66th Street, St Petersburg, FL, 33710 3125 W. New Haven Avenue, Melbourne, FL, 32904 1000 S.E. Highway, Crystal River, FL, 34429 1 US 27 North, 621 East, Lake Placid, FL, 33852 Massachusetts 175 Cabot Street, Beverly, MA, 01915 153 Meadow Street, Chicopee, MA, 01013 1708 Falmouth Road, Centerville, MA, 02632 45 Central Street, Lowell, MA, 01852 99 West Street, Pittsfield, MA, 01201 79 Lynnfield Street, Peabody, MA, 01960 242 Main Street, Wareham, MA 02571 (remote drive thru) Maryland 8661 Colesville Road, Silver Spring, MD, 20910 Maine 32 Goding Avenue, Lincoln Plaza, Lincoln, ME, 04457 835 Main Street, P.O. Box 266, Westbrook, ME, 04092 217 High Street, Ellsworth, ME, 04605 North Carolina 201 Wren Drive, Hendersonville, NC, 28792 New Hampshire 184 Route 101, Bedford, NH, 03110 2561 Main Street, North Conway, NH, 03860 New Jersey 385 White Horse Pike, Atco, NJ, 08004 177 Columbia Turnpike, Florham Park, NJ, 07932 571 East Bay Avenue, Manahawkin, NJ, 08050 232 Richmond Avenue, Point Pleasant, NJ, 08742 418 Belmont Avenue, Haledon, NJ, 07508 230 Forsgate Drive, Jamesburg, NJ, 08831 1100 Lake Street, Ramsey, NJ, 07446 4057 Asbury Avenue, Tinton Falls, NJ, 07753 New York 655 Avenue of the Americas, New York, NY, 10010 391 Jericho Turnpike, Jericho, NY, 11853 1144 Walt Whitman Road, Melville, NY, 11747 620 Route 25A, Mount Sinai, NY, 11766 576 Second Avenue, New York, NY, 10016 14 Main Street, Hudson Falls, NY, 12839 482-484 Bergen Street, Brooklyn, NY, 11217 Pennsylvania 399 Market Street, Philadelphia, PA, 19106 200 Lancaster Avenue, Devon, PA, 19333 9996 Haldeman Avenue, Philadelphia, PA, 19115 1064 Second St. Pike, Richboro, PA, 18954 131 East McDade Boulevard, Folsom, PA, 19033 South Carolina 260 Columbia Avenue, Chapin, SC, 29036 2003 N. Oak Street, Myrtle Beach, SC, 29577 5041 Calhoun Memorial Hwy., Easley, SC, 29640 307 North Main Street, Marion, SC, 29571 Virginia 6566 Little River Turnpike, Alexandria, VA, 22003 6260 Old Dominion Drive, McLean, VA, 22101 Vermont 27 East Allen Street, Winooski, VT, 05404 21 Elm Street, Woodstock, VT, 05091 Source: Fast Company Digital banking dominance Digital banking continues to grow and has quickly become people’s preferred method, surpassing traditional banking due to its convenience and practicality, reflecting a clear shift in consumer behavior. A survey conducted by Morning Consult found that 55% of bank customers use mobile banking apps, 22% use online banking via laptop or desktop, and only 8% have visited a retail branch in the 12 months ending November 22, 2024, according to the American Bankers Association (ABA). Younger generations lead this trend, with two-thirds of Generation Z and Millennials using mobile banking apps most often, followed by more than half of Generation X. Even Baby Boomers prefer digital banking, with 41% using online banking via laptop or desktop and only 4% visiting retail branches.
