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one major banks announced plans to close 51 branches in 13 states as part of its efforts to grow its digital business.
The massive wave of closures is part of TD Bank’s plan to close 10% of its massive retail business, which includes more than 1,100 locations around the world. USA.
“We also regularly evaluate our network to ensure we are delivering services where communities need us, which sometimes results in stores closing or relocating to nearby communities,” a spokesperson told reporters. Fast Company. “At the same time, we are committed to making the transition as smooth as possible for our clients and customers, serving them at more than 1,000 TD Bank locations or through any channel they choose.”
The closures will occur primarily in East Coast states.
States affected by the wave of closures include Connecticut, Florida, Massachusetts, Maryland, Maine and washington d.c.
Office locations in North Carolina will also be cut, New HampshireNew Jersey, New YorkPennsylvania, South Carolina, Virginia and Vermont.
TD Bank CEO Leo Salom told investors at a conference in September that the closures were part of the bank’s “reimagining” of its retail business.
“However, customers increasingly expect greater personalization and a more advanced and seamless omnichannel experience,” Salom told us Participants. “To do this, we are accelerating investments in digital and mobile capabilities across sales, onboarding and service.”
The CEO added that the company plans to “increase digital acquisition to 50% of total sales” and encourage 70% of customers to use its digital banking services.
The new plan comes one year after TD Bank cut 38 locations on June 5, 2025. maine New Hampshire has been particularly hard hit by these closures.
But despite plans to close more stores, shares of Toronto-Dominion Bank Group, the parent company of TD Bank, actually rose 51%, according to data fast company.
The company also previously planned to open 150 new sites around the world. USAwith special focus on the Southeast. During its quarterly earnings call in May 2023, the bank outlined plans to open 150 branches.
“Think about Boston, Philadelphia, New York, we think those are places where the communities are growing and we’re going to grow into those communities,” Salom reportedly said. Reuters. “The Southeast is going to be a very important part of the whole.”
At the time, the bank’s chief financial officer, Kelvin Tran, said the company’s potential in much of the U.S. was untapped.
“We’re still a relatively young bank in the U.S.,” he said, according to Reuters. “We have a lot of white space there.”
The plans to expand into the Southeast come after the company’s plan to acquire First Horizon Bank of Tennessee fell through. The deal, worth $13.4 billion, fell through due to “uncertainty,” according to an industry source. joint statement.
With the entire East Coast program closed, the status of the Southeast program remains unknown.
independent TD Bank has been contacted for comment.