The affected TD branches will close by June 5, the bank said. The closures involve branches in New York, New Jersey, Pennsylvania, South Carolina, Virginia, New Hampshire, Maine, Connecticut, Florida, Massachusetts and Washington, D.C.
In October 2024, TD Bank agreed to pay more than $3 billion in fines after pleading guilty to charges that it conspired in failing to maintain an anti-money laundering program.
“As part of our normal business practices, we regularly evaluate existing TD Bank stores, which may result in some closures, consolidations, or relocations as we look for opportunities to better align our network of stores with customer needs and preferences,” a TD Bank spokesperson told HousingWire via email.
“After a recent analysis, we made the difficult decision to close 38 locations, effective June 5. We are committed to making this transition as smooth as possible for customers and look forward to serving them at one of our 1,100 TD Bank locations or through our digital banking products and services.”
Flagstar Bank’s parent company, Flagstar Financial, revealed in its fourth-quarter 2024 earnings call in January that it was planning to close “approximately” 20 private client offices and 60 retail branches.
In October, Flagstar laid off 700 employees and anticipated the transition of another 1,200 to Mr. Cooper Group as part of the sale of its third-party origination (TPO) business and mortgage servicing rights (MSRs).
It was later confirmed that Mr. Cooper would not be onboarding as many Flagstar employees as previously expected.
Chief financial officer Lee Smith framed the Flagstar branch closures as “real estate optimization.” When asked about branch consolation, he reportedly said that “there are a couple of operating centres that we are looking to consolidate that we own and move out of those into smaller facilities. There were about 20 private client retail locations that we are looking to consolidate….