These Six TD Bank Branches in New Jersey Are Set to Close Soon
TD Bank is scheduled to shut down six locations throughout New Jersey, with one in South Jersey, by the month of June.
They are part of the 38 branches that the Canadian bank is shutting down across the country. The banking institution’s U.S. main office is located in Cherry Hill. These closure plans are set to be implemented on June 5th.
As part of our standard operational procedures, we routinely assess our current TD Bank locations," explained TD Bank spokesperson Thomas Rigg. "This evaluation might lead to certain branches being closed, consolidated, or moved as we seek ways to more effectively tailor our store network to meet the demands and preferences of our customers.
Which NJ TD Bank branches are shutting down?
Rigg mentioned that the six locations across New Jersey set to close are:
- 85 Pompton Avenue, Cedar Grove.
- 1 Royal Road, Flemington.
- 670 Laurel Ave., Holmdel.
- 191 East Route 70, Marlton.
- 145 Skyline Drive, Ringwood.
- 555 Warren Avenue, Spring Lake Heights.
Once those six closures take place, the bank will be left with 216 branches in New Jersey, according to Rigg.
TD Bank troubled by money-laundering settlement
Recently, TD Bank has faced numerous problems, such as the $3 billion the firm was required to pay. resolve a money-laundering probe where it admitted guilt to conspiracy and money laundering .
Since investigators found out that a Chinese criminal organization had bribed staff members and transported substantial amounts of cash in bags to clean up proceeds from fentanyl sales via TD branches located in New York and New Jersey, law enforcement agencies have been examining the bank’s internal control measures.
That investigation resulted in 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.
Undoubtedly, 2024 turned out to be a difficult year for TD. Chairman Alan MacGibbon stated The severity of TD's violations related to anti-money laundering in the U.S., along with the resulting expenses and constraints placed on their American retail operations, has had and will keep having a substantial effect on the bank.
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 along with federal legislators cautioned that bank mergers might result in a reduced number of branches catering to vulnerable populations such as minorities, senior citizens, and individuals with lower income levels. This situation would effectively create "banking deserts."
The content of this article includes information sourced from Reuters.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter: @danielmunoz100 and Facebook
The article initially appeared in the Cherry Hill Courier-Post. The following six TD Bank locations in New Jersey are set to be closed shortly:
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