Large New Jersey-based Bank Closing 6 More Branches in June

Published reports say a large bank based in New Jersey is just weeks away from closing several more branches.

Bank Facts

• This bank has over 26,000 employees
• It has total assets of $430 billion as of 2022
• This bank has branches in New England, the Mid-Atlantic, the Carolinas, and Florida
• Reports say over three dozen of their branches will close this year

Digital Banking Reduces Need for Physical Locations

As for why this bank is closing more branches, fewer and fewer people use or need a physical bank location these days.

What you used to do in person can now probably be done via an app on your phone. And experts say this is a trend that will continue for years to come.

Consumer Affairs, citing a survey by the American Bankers Association, recently found that 71% of adults prefer mobile apps or online banking to manage their bank accounts, while only 9% preferred to use a brick-and-mortar bank.

At the end of 2023, 64% of bank account holders used a smartphone or tablet to conduct their banking.

• READ MORE: Personal Assistant Admits Stealing Over $3M from NJ Couple

TD Bank to Close 36 Branches Nationwide in 2025

A report from mycentraljersey.com says TD Bank will close about three dozen branches across the country this year, including six branches in New Jersey, most by the end of June.

Six New Jersey Branches Set to Close by June

Those locations are as follows:

• Cedar Grove
• Flemington
• Holmdel

• Marlton
• Ringwood
• Spring Lake Heights

And while that seems like a large number, TD Bank will still have over 1,000 branches in 15 states and Washington, DC, including over 200 in New Jersey, so this is a relatively small correction to its footprint.

Previous Closures Included Philadelphia-Area Locations

The news of these new closures comes after TD closed over four dozen branches last year. Some of those locations around the Philadelphia area included Washington Township, Cherry Hill, and Hatboro, per The U.S. Sun.

TD Bank made headlines last year when, as the ICIJ reported, it "agreed to pay a penalty to settle allegations that it failed to stop drug traffickers and money launderers from pushing hundreds of millions of dollars of illicit funds through the U.S. financial system."

Between the criminal charges and the civil suits, the bank has agreed to pay a total of more than $3 billion to the U.S. authorities, including $1.3 billion to FinCEN — which [the U.S.] Treasury described as 'historic.'

• READ MORE: NJ Senior Targeted in $750K Gold Bar Scam, 2 Arrested

From Commerce Bank Roots to TD Bank Expansion

Those in and around the Philadelphia area may recall the days before TD Bank locations were everywhere. Commerce Bank, with its large red "C" logo, was founded in 1973. For a time, it was famous for using the phrase "no stupid fees, no stupid hours" in its commercials to set itself apart from more traditional financial institutions. TD Bank Financial Group took over Commerce Bank in the fall of 2007.