As part of a move toward a digital-centric retail model, TD Bank intends to close 51 branches across 12 states, including one in Bucks County, writes Jeff Blumenthal for the Philadelphia Business Journal.
These closures are part of the bank’s broader plan to eliminate or relocate ten percent of its branches.
All of the Pennsylvania closures are in the Philadelphia area, including the branch at 1064 Second St. Pike in Richboro.
According to Laura Nitti, who became president of TD Bank’s retail market for Metro Pennsylvania and South Jersey in August, the decision to close the branches is not related to the $3.15 billion settlement with U.S. regulators last October over anti-money laundering compliance failures.
This also resulted in setting an asset cap for the bank.
“This is our normal course of action annually as we continue to evolve with the customer needs,” she said.
Nitti added that TD Bank, which is a subsidiary of Toronto’s TD Bank Group, determines which branches to close based on numerous factors, such as foot traffic, branch density within specific areas and customers’ changing preferences.
Read more about TD Bank’s strategic shift and the full list of affected branches in Pennsylvania in the Philadelphia Business Journal.
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