TD Bank is closing 11 locations in the Philadelphia region as part of massive branch closures on the East Coast. Show The Cherry Hill-based bank has 123 existing locations in Southeastern Pennsylvania, South Jersey and Delaware. The affected branches, including the Center City location at 111 S. 11th St., will be closed by April 23, the Philadelphia Business Journal reported. TD bank is closing 81 branches in 15 states from Maine to Florida — a total that accounts for nearly 7% of its 1,223 locations. Below is the list of the 11 TD Bank branches closing the Philadelphia region, first reported by the Philadelphia Business Journal and confirmed to PhillyVoice by a TD Bank spokesperson on Friday: In Pennsylvania
In New Jersey• Route 38 and Eaterstown Road, Lumberton, Burlington County In Delaware
These mark the first major closures for TD Bank during the COVID-19 pandemic, which reportedly only has closed 13 branches since the start of 2020. Many other banks have enacted closures as people shift to online banking. Some layoffs may result from the closings.
TD Bank spokesperson Paige Wilkins said in a statement that the closings were made in response to "changing customer expectations," including increased preference for mobile and digital banking during the pandemic. "In reaching a decision to close specific TD Bank stores, we consider many business factors, including the number of customers visiting our stores, transaction volumes, the location's proximity to other TD Bank stores and the number of customers who use multiple store locations," Wilkins said. There was a 200% increase in mobile banking registrations and an 85% increase in mobile banking traffic last April — the height of the lockdowns. In July, a study estimated 91% of Americans had used mobile banking in the previous 30 days. Wells Fargo and PNC closed about 300 and 200 banks, respectively, in 2020. But some experts have suggested these closings are part of a trend that was in place prior to the pandemic. During the last decade, American bank branches were shuttering at a rate of about three per day. The closures seen during the coronavirus pandemic are still lower than some predicted. At the start of the pandemic, one expert suggested as many as 20,000 branches close. That hasn't happened. Not only has COVID-19 been brutal on brick-and-mortar stores, but it's also been tough on banks as more people conduct their financial business online. NJ.com reports TD Bank has announced plans to close 81 branches across of the country. 13 of the 81 are in New Jersey with three in the southern part of the state. The local branches that are closing include College Drive in Blackwood, Berlin Road in Cherry Hill, and the Black Horse Pike in Runnemede. Other branches that are closing are located in Toms River, Lumberton, and further north. In a statement published by NJ.com, a spokesperson with TD Bank said, "Some TD employees will be impacted by the store closings, although the bank is continuing efforts to redeploy impacted employees. TD is committed to treating our impacted colleagues fairly and with respect and supporting them with resources to assist with the transition." TD Bank, which is headquartered in Cherry Hill, is a subsidiary of the Canadian multinational Toronto-Dominion Bank. TD Bank has branches in 15 states and Washington, DC. TD is the seventh-largest U.S. bank by deposits and the 8th largest bank in the United States by total assets, according to Wikipedia. TD Bank became popular in the Garden State when it acquired Commerce Bank in May, 2008. The planned closure of more than 80 branches by April represents 6% of the bank’s 1,223 locations from Maine to Florida. The bank says the closing branches were selected because transaction volumes, their proximity to other TD Banks and the number of customers who use multiple store locations. “TD is continually evolving the way we serve our customers and communities to best meet changing customer expectations and behaviors, remain competitive and drive long-term growth,” the bank said in a written statement. Customers whose accounts are impacted by the closures have already been notified. These New Jersey branches will close by April 23:
The bank said that its branches are still an important part of its business and reinvestment could include store renovations and new store locations. M&T Bank closed seven New Jersey branches in August. ShopRite on Monday announced it was closing 23 in-store pharmacies in New Jersey.
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Why is TD Bank closing locations?TD closed 82 branches in the United States in February to reallocate resources to digital banking alternatives. The lender's footprint of 1,140 U.S. branches — down from more than 1,200 before the pandemic shuttered economies in March 2020 — stretches down the country's east coast, from Maine to Florida.
Are TD Bank locations closing?We make banking convenient. That's why we're open when most banks are closed.
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TD Bank stores are closed on the following federal holidays in 2022:. |
What TD Banks are closing in New Jersey?
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