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banking, this is becoming a thing of the past, which makes entering a traditional brick-and-mortar branch feel like an outdated experience.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 will close 51 locations across 13 states.
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.
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“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, 06062826 Wolcott Road, Wolcott, CT, 0671660 Redding Road, Redding, CT, 06829
Washington, D.C.
2000 K Street, NW, Washington, DC, 20006
Florida
255 Alhambra Circle, Coral Gables, FL, 331341500 NE Miami Gardens Drive, North Miami Beach, FL, 331792208 66th Street, St Petersburg, FL, 337103125 W. New Haven Avenue, Melbourne, FL, 329041000 S.E. Highway, Crystal River, FL, 344291 US 27 North, 621 East, Lake Placid, FL, 33852
Massachusetts
175 Cabot Street, Beverly, MA, 01915153 Meadow Street, Chicopee, MA, 010131708 Falmouth Road, Centerville, MA, 0263245 Central Street, Lowell, MA, 0185299 West Street, Pittsfield, MA, 0120179 Lynnfield Street, Peabody, MA, 01960242 Main Street, Wareham, MA 02571 (remote drive thru)
Maryland
8661 Colesville Road, Silver Spring, MD, 20910
Maine
32 Goding Avenue, Lincoln Plaza, Lincoln, ME, 04457835 Main Street, P.O. Box 266, Westbrook, ME, 04092217 High Street, Ellsworth, ME, 04605
North Carolina
201 Wren Drive, Hendersonville, NC, 28792
New Hampshire
184 Route 101, Bedford, NH, 031102561 Main Street, North Conway, NH, 03860
New Jersey
385 White Horse Pike, Atco, NJ, 08004177 Columbia Turnpike, Florham Park, NJ, 07932571 East Bay Avenue, Manahawkin, NJ, 08050232 Richmond Avenue, Point Pleasant, NJ, 08742418 Belmont Avenue, Haledon, NJ, 07508230 Forsgate Drive, Jamesburg, NJ, 088311100 Lake Street, Ramsey, NJ, 074464057 Asbury Avenue, Tinton Falls, NJ, 07753
New York
655 Avenue of the Americas, New York, NY, 10010391 Jericho Turnpike, Jericho, NY, 118531144 Walt Whitman Road, Melville, NY, 11747620 Route 25A, Mount Sinai, NY, 11766576 Second Avenue, New York, NY, 1001614 Main Street, Hudson Falls, NY, 12839482-484 Bergen Street, Brooklyn, NY, 11217
Pennsylvania
399 Market Street, Philadelphia, PA, 19106200 Lancaster Avenue, Devon, PA, 193339996 Haldeman Avenue, Philadelphia, PA, 191151064 Second St. Pike, Richboro, PA, 18954131 East McDade Boulevard, Folsom, PA, 19033
South Carolina
260 Columbia Avenue, Chapin, SC, 290362003 N. Oak Street, Myrtle Beach, SC, 295775041 Calhoun Memorial Hwy., Easley, SC, 29640307 North Main Street, Marion, SC, 29571
Virginia
6566 Little River Turnpike, Alexandria, VA, 220036260 Old Dominion Drive, McLean, VA, 22101
Vermont
27 East Allen Street, Winooski, VT, 0540421 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.
“While the pandemic greatly accelerated mobile banking adoption, America’s banks have sustained – and even increased – this growth by investing in innovative technologies that make banking on-the-go as seamless and secure as ever before,” said ABA Senior VP of Innovation Strategy Brooke Ybarra.
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