Top bank sees new wave of store closures across 13 states

The major bank is planning to drastically reduce its retail footprint and will axe up to 10 percent of its stores

A major bank has announced plans to shutter 51 branches in 13 states as part of its attempts to grow its digital business.

The huge wave of closures is part of TD Bank’s plan to shutter 10 percent of its huge retail footprint, which includes more than 1,100 locations across the United States.

“We also regularly evaluate our network to ensure we’re serving our communities where they need us, which at times results in store closures or relocations to nearby neighborhoods,” a spokesperson told Fast Company. “In the meantime, we’re committed to making these transitions as smooth as possible for clients and customers, serving them at more than 1,000 TD Bank locations or via whatever channel they choose.”

TD Bank has announced plans to shutter 51 of its stores across 13 states (Copyright 2022 The Associated Press. All rights reserved.)

The closures will mainly take place in states on the East Coast.

The states affected by the wave of closures include Connecticut, Florida, Massachusetts, Maryland, Maine and Washington, D.C.

Locations will also be axed in North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Virginia and Vermont.

Leo Salom, TD Bank’s CEO, told investors at a conference in September that the closures were part of the bank’s “reimagining” of its retail presence.

“But, increasingly, clients expect greater personalization, and an elevated, more seamless omni-channel experience,” Salom told attendees. “And to that end, we are accelerating investments in digital and mobile capabilities across sales, onboarding and servicing.”

The CEO added that the firm planned to “increase digital acquisition to 50 percent of total sales,” as well as encourage 70 percent of its customers to use its digital banking services.

The new scheme comes just a year after TD Bank axed 38 locations on June 5, 2025, with Maine and New Hampshire being hit particularly hard with those closures.

But, despite the plan to close even more stores, shares of TD Bank’s parent company, Toronto-Dominion Bank Group, are actually up by 51 percent, according to Fast Company.

The company also previously had plans to open 150 new sites across the United States, with a particular focus on the Southeast. During a quarterly earnings call in May 2023, the bank outlined a plan to open 150 branches.

TD Bank hopes to increase its digital presence in the future, pushing digital acquisition up to 50 percent (tippapatt - stock.adobe.com)

“Think Boston, Philly, New York, where we think there are expanding communities, growing communities where we’ll lean into,” Salom said, according to Reuters. “The Southeast is going to be a very important part of the overall equation.”

At the time, the bank’s CFO, Kelvin Tran, said that much of the United States had untapped potential for the company.

“In the U.S., we are still a relatively young bank,” he said, according to Reuters. “We have a lot of white spaces there.”

The scheme to expand in the southeast followed the collapse of the firm’s plan to acquire Tennessee-based bank First Horizon. The deal was valued at $13.4 billion, but collapsed due to “uncertainty,” according to a joint statement.

The status of the southeastern plan remains unknown amid the planned closures across the East Coast.

Explaining the plan to shutter 51 stores, a spokesperson from TD Bank said that the firm constantly reviews its network of branches.

“At Investor Day in September, TD shared plans to deliver a stronger, more scalable U.S. retail presence through significant store enhancements, tech-forward digital banking capabilities, and personalized, advice-led services,” the spokesperson said. “We also regularly evaluate our network to ensure we're serving our communities where they need us, which at times results in store closures or relocations to nearby neighborhoods.

“In due course, we expect to open new stores in these communities, subject to regulatory approval,” the spokesperson continued. “In the meantime, we're committed to making these transitions as smooth as possible for clients and customers, serving them at more than 1,000 TD Bank locations or via whatever channel they choose.”